24401 - United Rural Cooperative Bank of Hangzhou

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Summary of Proposed Investment

Project Number

24401

Company Name

United Rural Cooperative Bank of Hangzhou

Date SPI Disclosed

Mar 7, 2006

Country

China

Industry

Financial Markets

Projected Board Date

Apr 7, 2006

Status

Completed

Sector

Commercial Banking - General

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Jun 23, 2006
Signed : Jun 26, 2006
Invested : Feb 28, 2007

Project Description

The proposed project entails an equity investment by IFC for a stake of 5% in United Rural Cooperative Bank of Hangzhou (“URCB”). URCB was established in June 2005, by consolidating the 23 member credit cooperatives of the Hangzhou Rural Credit Cooperative Union in Hangzhou, Zhejiang Province. Rabobank will be the strategic investor and technical partner, and will take a 10% stake in URCB. The equity investment will be accompanied by a long term comprehensive technical assistance program provided by Rabobank.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	11.29

Development Impact

The project will enable IFC to play an important role in the forefront of China’s current rural financial sector reform, and will likely create a strong demonstration impact through improved corporate governance, efficiencies and stronger operating performance resulting from the introduction of international best practices by IFC and by Rabobank, a global leader in the area of rural cooperative banking. URCB could become a model institution for other rural financial institutions to emulate in serving agricultural sector and rural SMEs.

In addition to the provision of equity capital, IFC’s major contributions to URCB’s development are expected to be in the areas of corporate governance, transparency, and SME lending through knowledge transfer.

This is a category FI Type 1 project according to IFC''s environmental and social review procedure. The Bank will be required to establish an environmental management system to ensure that activities financed under relevant operations are consistent with applicable environmental, occupational health and safety regulations of China and IFC''s Exclusion List, designate appropriate individuals who will have responsibility for the environment and who will attend IFC''s environmental management workshops or an approved equivalent, and submit to IFC an environmental management plan and annual environmental performance reports.
Location of environmental documents In locally affected community

Contacts

For Inquiries About the Project, Contact

Mr. Chenggang Wu, Senior Investment Officer,
International Finance Corporation,
2121 Pennsylvania Avenue, NW,
Washington DC, 20433,
USA.
Email: cjwu@ifc.org

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

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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