Summary of Proposed Investment
Project Number
25655
Company Name
Banco Panameno de la Vivienda S.A.
Date SPI Disclosed
Feb 20, 2007
Country
Panama
Industry
other
Projected Board Date
Mar 22, 2007
Status
Completed
Sector
Commercial Banking - Housing Finance
Department
Regional Industry FIG LAC & EUR
Environmental Category
C - No Impact
Previous Events
Approved : Apr 10, 2007
Signed : Apr 17, 2007
Invested : Sep 28, 2007
Project Description
The proposed project consists of a long-term credit facility (the Facility) for up to $40 million to fund the origination of mortgages of Banco Panameño de la Vivienda S.A. (Banvivienda or the Bank), which will meet certain eligibility criteria in the low and middle income housing market. The transaction will be structured as a Mortgage Backed Credit Line. The Facility will be secured by the underlying mortgage assets held in a bankruptcy remote Trust or suitable Special Purpose Vehicle.
Banvivienda was founded in 1981 by a group of investors led by Aseguradora Mundial S.A. (Aseguradora Mundial or the Insurance Company). After a consolidation process in 2005, Grupo Mundial Tenedora S.A. (Grupo Mundial or the Group) was founded as the holding company of Banvivienda and Aseguradora Mundial. Grupo Mundial currently has a 99.77% shareholding in the bank.
The Facility would help Banvivienda to:
- match its mortgage portfolio origination at a time when there is growing demand for mortgage products, serving as a catalyst for Banvivienda;
- address the lack of long-term funding for the low to middle income segments of the residential mortgage market in Panama; and
- support the development of a standardized new asset class to be further securitized.
Banvivienda was founded in 1981 by a group of investors led by Aseguradora Mundial S.A. (Aseguradora Mundial or the Insurance Company). After a consolidation process in 2005, Grupo Mundial Tenedora S.A. (Grupo Mundial or the Group) was founded as the holding company of Banvivienda and Aseguradora Mundial. Grupo Mundial currently has a 99.77% shareholding in the bank.
The Facility would help Banvivienda to:
- match its mortgage portfolio origination at a time when there is growing demand for mortgage products, serving as a catalyst for Banvivienda;
- address the lack of long-term funding for the low to middle income segments of the residential mortgage market in Panama; and
- support the development of a standardized new asset class to be further securitized.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Felipe Martin, Chief Financial Officer
Grupo Mundial
Ave. Balboa y Calle 41E, Bella Vista
P.O. Box 0816-03366
Panama, Republica de Panama
Telephone: +(507) 207-8448
Fax: +(507) 300-1139
E-mail: fmartin@grupomundial.com
Grupo Mundial
Ave. Balboa y Calle 41E, Bella Vista
P.O. Box 0816-03366
Panama, Republica de Panama
Telephone: +(507) 207-8448
Fax: +(507) 300-1139
E-mail: fmartin@grupomundial.com
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster