Banco PICHINCHA Peru (IDBI-12392-01)

Countries
  • Peru
Where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 9, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Banco PICHINCHA Peru
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 13.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 13.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Nov 23, 2018


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Project Description

According to the bank, this project involves the underwriting of subordinated bonds for up to US$13 million to be issued by Banco PICHINCHA via a private offering. The subordinated bond issue will have a 10-year term, with eight years grace. Proceeds from the subordinated bonds will be used to grow Banco PICHINCHA's microfinance portfolio.Banco PICHINCHA is a financial institution chartered in Peru that belongs to Grupo Pichincha of Ecuador. It is a multipurpose bank with a small share--2.7%--of the Peruvian financial system, positioning it in seventh place. The Bank's business model is based on products and services provided to four market segments: 45% small and medium-sized businesses; 31% consumption (geared toward low- and medium-income segments); 15% mortgages; and 9% microenterprises.IDB Invest's commitment to purchase the bonds would be subject to certain conditions, including the company agreeing to comply with IDB Invest environmental and social policies while IDB Invest holds the securities.

Investment Description
  • IDB Invest
Private Actors
Contact Information

Client contact name: Alvaro Arce Vega
Title: Capital Market Official
Phone number: +51 1 612 2000 A-5492
Email address: alvaro.arce@pikchincha.pe

For inquiries and comments to the IIC, contact: IIC Communications Group. Email address: divulgacionpublica@iadb.org

For project inquiries, including environmental and social questions related to an IDB Invest investment, please contact the client or IDB Invest using the contact information provided above. As a last resort, project affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism.

Tel:         +1 (202) 623-3952

Fax:        +1 (202) 312-4057

Address: 1300 New York Ave. NW Washington, DC. USA. 20577

Email: mecanismo@iadb.org or MICI@iadb.org