Summary of Proposed Investment
Project Number
8416
Company Name
NATIONAL. BANK SAMOA LIMITED
Date SPI Disclosed
Jun 19, 1997
Country
Samoa
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Regional Industry - FIG Asia & Pac
Environmental Category
FI
Previous Events
Approved : Sep 24, 1999
Signed : Dec 6, 1999
Invested : Mar 20, 2000
Project Description
Summary Of Project Information (SPI)
| Project Name: | Western Samoa - National Bank of Samoa (NBS) |
Region:East Asia & Pacific
Sector:
Project No:008416
Projected Board Date:April 30, 1999
Company Name:National Bank of Samoa Limited
Technical Partner and/or Major Shareholders
The shareholders of the National Bank of Samoa (NBS) consist of a group of 23 shareholders. Through the use of trusts, this shareholder group in turn represents about fifty able Samoan business people of many disciplines.
Project Cost Including proposed IFC investment
The total project cost, which is also the proposed IFC investment, is the Samoan Tala (ST) equivalent of US$400,000. This proposed IFC investment will be made through the Pacific Islands Investment Facility (PIIF).
Location of project and Description of site
The project will be located in Apia, Samoa.
Description of Company and Purpose of Project
Established in 1995, NBS is the first and only commercial bank in Samoa owned by local private business-people. In comparison with the other two commercial banks (both are subsidiaries of foreign banks), NBS focuses on serving the local private small and medium enterprises. The purpose of this proposed project is to provide a subordinated convertible loan, which will be treated as Tier 2 capital, to help strengthen NBS’s capital base so as to maintain continued and healthy growth. IFC will also work closely with NBS to develop and implement an appropriate technical assistance and training program to help strengthen the bank’s institutional capacity.
Environmental Category and Issues
This is a category C project according to IFC''s environmental review procedure. NBS has committed to ensuring that relevant operations will be conducted in accordance with the environmental requirements of Samoa and in compliance with IFC''s Microfinance Exclusion List.
The is from the Public Information Center.
| Date SPI sent to PIC | February 8, 1999 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
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