Summary of Proposed Investment
Project Number
8295
Company Name
BANK OF THE PHILIPPINE ISLANDS
Date SPI Disclosed
May 15, 1997
Country
Philippines
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Jun 30, 1997
Signed : Sep 15, 1997
Invested : Nov 20, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Philippines - Far East Bank and Trust Company |
| Co-Financing Facility |
| Region | Asia |
Sector
Project No008295
Projected Board DateJune 20, 1997
Company NameFar East Bank and Trust Company (FEBTC)
Technical Partner and/or Major Shareholders
The project principal sponsor is FEBTC, a major bank holding company in Manila, Philippines.
Project Cost Including proposed IFC investment
The total project cost is about US$75 million involving an IFC A Loan of US$25 million and a B Loan of US$50 million.
Location of project and Description of site
Manila, Philippines
Description of Company and Purpose of Project
With total assets equivalent to $4.7 billion as of December 31, 1996, FEBTC is the sixth largest domestic commercial bank in the Philippines. The proposed credit line will provide US Dollar term financing to assist FEBTC in funding and developing its industrial and infrastructure project long term financing capabilities, thereby helping FEBTC to expand in a business area where its activity so far has been limited.
Environmental Category and Issues
This is a Financial Intermediary (FI) category project according to IFC’s environmental review procedure. For revenant operations, FEBTC will be required to undertake an environmental review of eligible sub-borrowers environmental performance and each sub-borrower’s compliance with the Filipino Government environmental, health and safety laws, regulations, and standards. In addition, IFC will access FEBTC’s capability to carry out environmental reviews.
| Date SPI sent to PIC | May 15, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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