49615 - Project Quetzal

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Summary of Investment Information

Project Number

49615

Company Name

Holding Davivienda Internacional S.A.

Date SPI Disclosed

Dec 2, 2025

Country

Central America Subregion

Region

Latin America and the Caribbean

Projected Board Date

Nov 3, 2025

Environmental Category

FI-1 - Significant

Status

Active

Last Updated Date

Dec 18, 2025

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Nov 3, 2025
Signed : Nov 26, 2025
Invested : Dec 1, 2025

Sector

Commercial Banking - General

Project Description

The proposed Project comprises an equity investment of up to US$150 million in Holding Davivienda Internacional S.A. (HDI or Company), a subsidiary of Banco Davivienda S.A. (Davivienda, the Bank). HDI oversees Davivienda’s banking, insurance and brokerage operations in Costa Rica, El Salvador, Honduras, and Panama (the Countries). The capital raised through this investment will be used to complete the M&A transaction in which the Bank is acquiring Bank of Nova Scotia (Scotiabank)’s operations in Costa Rica and Panama, through a share exchange, thereby strengthening its presence in Central America. Through IFC's participation in HDI, Davivienda expects to consolidate its sustainable finance and insurance strategy in Central America through increased support to small and medium enterprises (SMEs), women-owned SMEs (WSMEs), and climate finance sub-projects, including those focused on climate adaptation.

Associated Advisory Engagement

IFC’s Advisory Services will support Davivienda Group and HDI in advancing climate adaptation financing and enhancing E&S practices to align with global standards.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	150.0

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
Straight Equity	Equity & QE - Others

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

Development Impact

The most significant, expected Project-level outcome is increased access (i) to finance for SMEs, including WSMEs; and (ii) to climate finance subprojects. Beyond the Project, IFC anticipates that the Project will help the Central American financial markets to increase access to finance for climate-related assets, particularly in better managing transition and physical climate risks.

E&S Category Rationale / Risks and Mitigation

The Project consists of an equity investment in the Company. The portfolio of the Company is exposed to high to medium E&S risk sectors including services, commerce, financial services, energy, industry, agribusinesses and construction. The key E&S risks and impacts derive from the subsidiaries’ capacity to identify, assess, and manage risks and impacts associated with the portfolio. These risks typically include occupational health and safety issues, labor and working conditions, child and forced labor, waste and wastewater management, land tenure, resource efficiency and pollution prevention, and impacts to vulnerable communities and biodiversity. The project has therefore been categorized as FI-1 according to the IFC's Sustainability Framework.

The E&S requirements will be applicable to the whole portfolio including Exclusion List, National Law and Regulations in the countries of operations, and IFC Performance Standards (where applicable). Subsidiaries are required to implement IFC's Green Equity Approach to phase out coal-related activities over time.

Subsidiaries have dedicated HR teams and established HR policies and manuals generally in line with IFC's labor standards under Performance Standard 2 (PS2): Labor and Working Conditions. As part of this Project, the Company has agreed to enhance its workforce management policies and develop a stand-alone sexual harassment policy and procedure that will apply to all subsidiaries. The subsidiaries will be required to continue meeting Life & Fire safety requirements and the requirements of IFC's Performance Standard 2 on Labor and Working conditions (PS2).

Financial Intermediary Sub-Project Disclosure:

IFC will periodically disclose the names, locations and sectors for Category A and relevant category B sub-projects in line with IFC disclosure requirements for FIs, subject to regulatory constraints and market sensitivities.

IFC will periodically disclose the names, locations and sectors for Category A sub-projects that have been supported by IFC investments through financial intermediaries, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of July 1, 2020.

IFC will periodically disclose the names, locations and sectors for Category A sub-projects in line with IFC disclosure requirements for FIs, subject to regulatory constraints and market sensitivities.

The relevant subsidiaries have an Environmental and Social Management System (ESMS) in place, customized in scope to reflect the specific context, sensitive sectors, segments, thresholds, portfolio exposure of each country, aligned with that of Davivienda. These subsidiaries apply the IFC Exclusion List, National Laws and Regulations, and conduct screening based on IFC Performance Standards (PSs). As part of this Project, these subsidiaries will enhance their ESMS to meet IFC’s requirements.
The ESMS applies to a variety of products, which differ by country and include project financing, corporate loans, corporate leasing, business and SME loans (as per Davivienda’s definition), green loans, treasury products, capital market operations, and debt operations. Areas for enhancement include expanding the ESMS scope, strengthening exclusion list screening and national law checks within the ESMS, and overall enhancing the E&S due diligence process.
Subsidiaries have E&S staff (E&S officers) involved in E&S risk assessment and monitoring. Costa Rica has one staff, Honduras two, El Salvador one, and Panama relies on an officer from Colombia. To align with the E&S requirements for this Project, the E&S team will be enhanced with a full time E&S officer for Panama and an E&S lead to supervise and coordinate ESMS implementation of the relevant subsidiaries. Additionally, the Company will evaluate the staffing needs and hire the necessary staff for adequate implementation of the ESMS. As part of this Project, Davivienda will (i) appoint an external consultant to support the subsidiaries in aligning and enhancing their ESMS with IFC’s requirements, (ii) develop E&S capacity, (iii) develop and implement an E&S training plan for staff, (iv) provide evidence of enhanced ESMS implementation, and (v) develop additional human resources safeguards (Sexual Exploitation, Abuse, and Harassment protocols for Panama and Honduras and a Corporate Retrenchment Policy).

S.no	Title	Anticipated Completion Date	Status
1	Development of E&S Capacity	12/01/2025	Completed
2	Hire an External Consultant	11/28/2025	Completed
3	Development of E&S Capacity	07/30/2026	Pending
4	Development of E&S Capacity	08/01/2026	Pending
5	Enhance the E&S management system	08/01/2026	Pending
6	Develop and implement an E&S training plan for staff	08/01/2026	Pending
7	Provide evidence of ESMS implementation	12/01/2026	Pending
8	Develop additional human resources safeguards	03/01/2026	Completed

Contacts

For Inquiries About the Project, Contact

Banco Davivienda S.A.
Investor Relations
Investors Relations
57 601 220 3495
ir@davivienda.com
Carrera 13 No. 26-15
www.davivienda.com

For Inquiries and Comments About IFC, Contact

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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/
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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.

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