Summary of Proposed Investment
Project Number
27755
Company Name
SEGUROS G AND T SA
Date SPI Disclosed
Jan 3, 2011
Country
Guatemala
Industry
Financial Markets
Projected Board Date
Feb 4, 2011
Status
Completed
Sector
Composite Insurance (Life and Non-life)
Department
Regional Industry FIG LAC & EUR
Environmental Category
FI
Previous Events
Approved : Feb 24, 2015
Signed : Sep 21, 2012
Invested : May 17, 2013
Project Description
Bancassurance has become a strong element in determining competitiveness and success in Guatemala’s insurance sector. Seguros G&T S.A. (“Seguros”) is Guatemala’s largest insurance company in both, the property & casualty as well as life insurance segments with a premium split of 65% and 35%, respectively.
However, unlike its main competitors, its cooperation with Banco G&T Continental (“Banco”), its half-sister company, the country’s second largest bank, and an IFC client, has been limited to a few areas of cooperation so far. However, Seguros’ owners and Banco’s owners have realized that a closer cooperation between both entities in distributing insurance products and services through Banco’s branch network would offer substantial synergies, higher turnover for both firms and a better penetration of the Guatemalan insurance market. To assist the parties in unleashing that potential, IFC will invest in Seguros and acquire an equity stake of up to 15%.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Ing. Julio César Ordóñez Montenegro
Gerente de Planeación y Control Financiero
Grupo Financiero G&T Continental
6ta avenida 9-08 zona 9, Edificio G&T Continental, 5to Nivel
Phone: +(502) 2338-6801, ext. 15390
E-mail: jordonez@gytcontinental.com.gt
Lic. Enrique Rodriguez
Gerente General
Seguros G&T, S.A. y Fianzas G&T, S.A.
Ruta 2, 2-39 Zona 4, Guatemala, C.A. 01004
Phone: (+502) 2338-5858, ext. 5200; fax: (+502) 22798-3312
E-mail: erodriguez@gyt.com.gt
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: 202-974-4384E Mail: Webmaster