Summary of Proposed Investment
Project Number
7350
Company Name
BANCO BBVA ARGENTINA S.A.
Date SPI Disclosed
Mar 6, 1996
Country
Argentina
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Mar 27, 1996
Signed : Nov 8, 1996
Invested : Dec 2, 1996
Project Description
REVISED Summary Of Project Information (SPI)
| Project Name | Argentina-Banco Frances |
| Underwriting & Project Finance Credit Line |
| Region | Latin America and the Caribbean |
Sector
Project No007350
Projected Board DateMarch 28, 1996
Company NameBanco Frances del Rio de la Plata S.A. (Frances)
Technical Partner and/or Major Shareholders
Frances is 70% publicly held, with listings on both the Buenos Aires Stock Exchange and the New York Stock Exchange through an ADR (American Depository Receipt). The remaining 30% is held by Sud America Inversiones.
Project Cost Including proposed IFC investment
Total Project Cost: US$40 million
Location of project and Description of site
Buenos Aires, Argentina
Description of Company and Purpose of Project
The project involves a US$40 million credit line for Underwriting Operations and Project Finance. IFC’s resources would support the further development of Frances’ local underwriting operations and project finance lending for middle-market, second-tier and privatized companies in Argentina. The project would provide scarce longer term financing to Argentina’s private sector.
Frances is the third largest local private bank in Argentina and is widely regarded as one of the strongest and soundest banks in the system. As at December 31, 1995, Frances had total assets of US$2.7 billion. Frances is 70% publicly listed, with listings on both the Buenos Aires Stock Exchange and the New York Stock Exchange through an ADR (American Depository Receipt). The remaining 30% is held by Sud America Inversiones.
Environmental Category and Issues
This is an environmental review category FI project. Frances will be required to undertake an environmental review of projects financed through this facility. IFC will assess Frances’ capability to carry out environmental reviews.
| Date SPI sent to PIC: Revised: | March 6, 1996 March 7, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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