Mifel is an unlisted Mexican entity. The project sponsors and major shareholders are Daniel Becker Feldman (CEO and Chairman of the Board) with 51% and Martin Werner Wainfeld with 17%.

IFC proposes to provide between MXN 240 and 300 million ($20 to $25 million equivalent) in common shares.

25.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	25.0

* These investment figures are indicative

Mifel’s headquarters are located in Mexico D.F. Address: Presidente Masaryk 214 Piso 2 Col. Polanco Chapultepec 11560 México D.F.

Address Mexico’s SMEs and agribusiness companies financing deficit and foster competition in both sectors where Mifel has traditionally focused on. Support the consolidation of the Mexican financial sector by enabling the Bank as an acquirer or a more attractive target.

Strengthen the Bank’s capital base to support the implementation of the business plan. Act as anchor equity investor to facilitate the bank’s equity raising exercise and the issuance of additional subordinated debt with better conditions. Strengthen Mifel’s corporate governance and best practices including the establishment of an Environmental and Social Management System (SEMS). Play an instrumental role in supporting the process of listing and increasing the likelihood of a successful initial public offering (IPO).

As a new IFC client, the key issue would be to ensure that Mifel, a financial conglomerate that focused on Mexican SMEs, has adequate capacity and procedures to ensure the compliance of its operations with IFC Exclusion List and the Mexican environmental and social (E&S) laws and regulations. Since this project is an equity investment, the appraisal will focus on the assessment of E&S risk management capacity and procedures, labor practices, and the entire portfolio of Mifel including its leasing, banking, factoring, and mutual fund operations. As a Category FI project, Mifel will be required to: (i) develop a SEMS to ensure that its activities are in compliance with the IFC FI Exclusion List, applicable national social and environmental laws and regulations, and, if applicable, IFC Performance Standards; (ii) identify responsible, qualified persons to implement the SEMS; (iii) apply the labor standards established by the IFC Performance Standard 2: Labor and Working Conditions; and (iv) submit an annual E&S report to IFC as per a format to be provided by IFC.