Summary of Proposed Investment
Project Number
8484
Company Name
Latino Leasing, S.A.
Date SPI Disclosed
Nov 11, 1997
Country
Peru
Industry
Financial Markets
Status
Completed
Sector
Leasing Services
Department
Regional Industry FIG LAC & EUR
Environmental Category
FI
Previous Events
Approved : Dec 22, 1997
Signed : Feb 5, 1998
Invested : Feb 27, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | Peru - Latino Leasing |
| Region | Latin America and the Caribbean |
| Sector |
Projected Board DateDecember 12, 1997
Company NameLatino Leasing S.A.
Technical Partner and/or Major Shareholders
Latino is controlled by Inversiones Latinas (68.5%), a holding company owned by the controlling shareholders of Banco Latino (Peru’s fifth largest commercial bank). Other shareholders in Latino Leasing include FMO (7.1%) and Corporacion Andina de Fomento (7.7%). Latino Leasing’s shares are listed on the Lima Stock Exchange but do not trade.
Project Cost Including proposed IFC investment
IFC’s investment will be an A Loan of US$10 million Loan and an up to 15% equity participation in Latino Leasing.
Location of project and Description of site
Peru
Description of Company and Purpose of Project
Latino Leasing is Peru’s fourth largest specialized leasing company, with assets of US$78.3 million and equity of US$11.5 million at June 30, 1997. IFC’s Loan will help Latino Leasing to diversify and extend the term of its funding sources to finance capital goods and other equipment needs of Peruvian small-and medium-sized companies. Up to 10% of the Loan could be used to finance leases for microenterprises. IFC has an important institution building role by supporting Latino Leasing’s growth and attractiveness to investors.
Environmental Category and Issues
This is a Financial Intermediary (FI) category project according to IFC’s environmental review procedure. For relevant operations, Latino will be required to implement an environmental management system consistent with host country requirements and World Bank policies and guidelines. For investments made in leases to microenterprises, the Company should ensure that the lessee complies with the applicable environmental laws of Peru, and that the investment is not an excluded item on IFC’s microlending screen. In addition, IFC will assess Latino’s capabilities to implement the system.
| Date SPI sent to PIC | November 11, 1997 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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