Summary of Proposed Investment
Project Number
9382
Company Name
BANCO GENERAL DE NEGOCIOS S.A.
Date SPI Disclosed
Nov 13, 1998
Country
Argentina
Industry
Financial Markets
Status
Active
Sector
Merchant Bank
Department
Regional Industry FIG LAC & EUR
Environmental Category
FI
Previous Events
Approved : Dec 28, 1998
Signed : Mar 26, 1999
Invested : Mar 30, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Argentina: BGN Tier II Loan |
| Region | Latin America and the Caribbean |
| Sector |
Projected Board DateDecember 12, 1998
Company NameBanco General de Negocios S.A.
Technical Partner and/or Major Shareholders
Banco General de Negocios (BGN) is a privately-owned bank established as a financial company in 1959 and as a bank in 1978. BGN is owned by a group of prominent local bankers and foreign banks, and focuses on commercial and investment banking, with an important emphasis on capital markets activities.
Project Cost Including proposed IFC investment
Up to US$30 million for IFC''s own account.
Location of project and Description of site
Argentina.
Description of Company and Purpose of Project
The project consists of a Subordinated Loan for IFC''s own account of up to US$25 million to support Banco General de Negocios'' capital structure. Also, IFC will negotiate a 5% equity participation in BGN.
Environmental Category and Issues
This is a Financial Intermediary (FI) Tier I project according to IFC''s environmental review procedure. BGN will be required to apply environmental review procedures to relevant operations and ensure that subprojects comply with Argentine environmental, health and safety regulations and standards. IFC will assess BGN’s capability to carry out environmental reviews.
| Date SPI sent to InfoShop | November 13, 1998 |
“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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