29399 - Mibanco - PEN Syndication

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Summary of Proposed Investment

Project Number

29399

Company Name

MIBANCO, BANCO DE LA MICROEMPRESA S.A.

Date SPI Disclosed

Mar 24, 2011

Country

Peru

Industry

Financial Markets

Projected Board Date

Apr 25, 2011

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : May 24, 2011
Signed : Nov 2, 2011
Invested : Nov 23, 2011

Project Description

Mibanco was incorporated in 1998 as a private commercial bank specialized in microfinance. The Bank was a spin-off of the microfinance operations of Grupo ACP Inversiones y Desarrollo (“Grupo ACP”), which is the Bank’s main shareholder (60% ownership).

The proposed project will support Mibanco’s expected portfolio growth through a syndicated transaction in local and foreign currency. In addition, Mibanco will maintain a presence in the international loan market and initiate relationships with new international investors.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	15.0
Equity

Development Impact

The development impact of the Project is expected to be high, as it will enhance the Bank''s ability to support productive micro, small and medium enterprises which will in turn stimulate growth, employment generation and poverty reduction. In addition, Mibanco will be able to increase its outreach and sustainability incorporating thousands of new entrepreneurs to the formal financial sector. The Project will help develop the B loan market in local currency in Peru and reopen the syndication market for MFIs in Latin America, following the financial crisis.

The project will support Mibanco in completing its funding plan for 2011-2012. Given IFC''s reputation and strong stamp of approval, its presence is expected to facilitate mobilizing local currency financing from international commercial banks. IFC will also enhance the Bank''s image and credibility in international financial markets.

IFC''s participation will positively influence the B Loan market in Peru.

This project has been classified as a Category FI according to IFC’s Environmental and Social Review Procedure. Under existing investments the client has implemented a Social and Environmental Management System (SEMS) to ensure that it does not support activities in the IFC’s Exclusion List through its financing. Because the key S&E risks of this project are associated with Mibanco''s support to micro, small and medium enterprises, IFC will review the Bank''s loan portfolio during appraisal to confirm adequacy of the Bank''s S&E capacity to identify and manage these risks and may require updates as necessary. IFC will also assess the Bank’s labor practices according to IFC’s labor standards. The Bank will be required to: (i) maintain or upgrade its SEMS; (ii) demonstrate commitment to applying the labor standards established by the IFC Performance Standard 2: Labor and Working Conditions; and (iii) submit a periodic report to IFC as per a format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Ramiro Postigo Castro
Treasury Manager
rpostigo@mibanco.com.pe
(511) 5138000
Av. Domingo Orué No. 165
Lima, Peru

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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. 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 Policy on Disclosure of Information that went into effect April 30, 2006.

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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