49013 - DCM SRT Azteca

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Investment Information

Project Number

49013

Company Name

RSF Santander Mexico II

Date SPI Disclosed

Nov 14, 2023

Country

Mexico

Region

Latin America and the Caribbean

Projected Board Date

Dec 14, 2023

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

Nov 19, 2025

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Dec 20, 2023
Signed : Dec 21, 2023

Sector

Capital Markets Financing Company (Including Investment Banking)

Project Description

The proposed investment consists of a Synthetic Risk Transfer (SRT) in which IFC will provide to Banco Santander Mexico S.A. (“Santander Mexico” or “the Bank”), an unfunded guarantee on credit losses for up to MXN2,036 million (US$120 million equivalent), representing the mezzanine tranche of a MXN36.4 billion (US$1.9 billion equivalent) reference portfolio from the Bank’s eligible credit exposures.

IFC’s guarantee will enable the Bank to use the regulatory capital freed up through the reference portfolio to generate more risk-weighted assets and support its SMEs origination lending activities (the “Project”).

Associated Advisory Engagement

IFC is providing advisory services to Santander Mexico to broaden its scope of operations and establish its green building and green mortgages business lines. Under the advisory program, IFC will equip the Bank with its EDGE Advanced green building certification tool. And provide technical support to the Bank’s developer clients along the design and certification process for green buildings.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	116.99
Loan
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Guarantee	Loans to SME Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

IFC’s additionality in the Project is both financial and non-financial. Financial additionality will be provided in the form of financing structure, as IFC will provide Santander Mexico with a capital optimization instrument that is relatively new in Mexico and in LAC. Non-financial additionality will be provided in the forms of knowledge, innovation, and capacity building, as IFC is providing advisory services to Santander Mexico to broaden its scope of operations and establish its green building and green mortgages business lines.

E&S Category Rationale / Risks and Mitigation

The Project consists of a Synthetic Risk Transfer transaction with Banco Santander Mexico on a portfolio of mid-size corporate loans for up to US$120 million that will allow the Bank to redeploy capital to support its lending program to small and medium enterprises (SMEs) portfolio. Potential E&S risks and impacts associated with the Project are likely to be medium, therefore this transaction has been categorized as FI-2 according to IFC's Sustainability Framework. The project will not support coal related activities nor higher risk business activities. As part of this Project, the client will be required to screen sub-projects against the IFC Exclusion List and applicable national E&S laws in accordance with existing Santander Mexico's policies and procedures. The main E&S risks and impacts related to the project derive from Santander's capacity to screen out higher risk transactions and manage properly the E&S risks of sub-projects. E&S risks in the targeted portfolios are mainly associated to occupational health and safety (OHS) and pollution prevention. To manage these risks the Project will not support any activities with significant E&S impacts such as: (i) involuntary resettlement, (ii) risk of adverse impacts on indigenous peoples, (iii) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or (iv) significant occupational health and safety risks.

Santander Mexico is a subsidiary of the Santander Group and an Equator Principles signatory. For E&S assessments of the targeted guaranteed portfolio of mid-size corporate the client will rely on its E&S categorization procedures which contemplates identifying potential high risk transactions based on selected sectors and practices. The procedures also entail a comprehensive questionnaire, in implementation since 2023, to assess sub-clients environmental, social and climate related practices. For the SMEs portfolio, Santander Mexico screens clients against the applicable national laws in accordance with existing Santander Mexico's policies and procedures and excluded activities while on-boarding new clients or through credit renewal. Through website, corporate phone (voice and text) contact, the Bank can receive and respond to third party concerns. Santander Mexico labor practices are largely aligned with Performance Standard 2: Labor and Working Conditions. As part of the project, Santander Mexico will continue: (1) maintaining its ESMS procedures to screen sub-projects against the applicable requirements; (2) remain committed to applying the labor standards in accordance with its existing policies and aligned with IFC Performance Standard 2; and (3) provide periodic reports.

Contacts

For Inquiries About the Project, Contact

Banco Santander México, S. A.
Jonas Agustin Bernes Fentanes
ED Private Debt Mobilization & Solutions
+(52) 55 4544 9673
jabernes@santander.com
Prol. Paseo de la Reforma 500, Modulo 107 A. Obregon, Mexico City, Mexico
https://www.santander.com.mx/

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Investment Information

Project Description

Associated Advisory Engagement

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Associated Advisory Engagement

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

IFC's Investment as Approved by the Board

FIG Use of Proceeds/Beneficiaries

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Role and Additionality

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale / Key Risks & Potential Impacts

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Information on E&S Complaints and Grievance Mechanisms

Disclaimer