Summary of Proposed Investment
Project Number
7339
Company Name
Surinvest International Limited
Date SPI Disclosed
Dec 18, 1995
Country
Uruguay
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Mar 5, 1996
Signed : Jul 11, 1996
Invested : Jul 19, 1996
Project Description
Summary Of Project Information (SPI)
| Project Name | Uruguay/Cayman Islands:Surinvest International Limited (“SIL”) |
| Region | Latin America and Caribbean |
| Sector |
Projected Board DateJanuary 15, 1996
Company NameSurinvest International Limited
Technical Partner and/or Major Shareholders
Shareholders of Surinvest International Limited include: IFC (18.53%), Rabobank (18.53%), Banco Roberts (13.41%), Unibanco (13.41%), Banco BICE (13.41%), Philadelphia International Investment Corporation (13.41%), and local individual Uruguayan and Argentine investors (9.30%).
Project Cost Including proposed IFC investment
IFC to subscribe up to US$6 million of a US$20 million Subordinated Loan with free Equity Warrants attached to be issued by Surinvest International Limited in the form of a rights issue to existing shareholders.
Location of project and Description of site
Uruguay and Cayman Islands.
Description of Company and Purpose of Project
The project involves a US$20 million Subordinated Loan and an Equity Warrant issue. SIL is the holding company of Banco Surinvest S.A., Uruguay (“Surinvest”) and Norinvest Bank, Grand Cayman (“Norinvest”). Surinvest has been providing trade financing and other financial services in the Mercosur region since 1981. Norinvest was established in 1994 to complement Surinvest’s activities. The proposed Loan will be downstreamed by SIL to its two wholly-owned subsidiaries as Tier I and Tier II capital to support the group’s future growth. IFC’s participation in the Loan would be a critical component of achieving SIL’s targeted goal of raising US$20 million in fresh capital, and would act as a stimulus for other investor participation in the Loan.
Environmental Category and Issues
The project has been reviewed by IFC’s Environmental Division and has been assessed a Category C under the IFC’s environmental review procedure. No further environmental review is required.
| Date SPI sent to PIC | December 18, 1995 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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