Santander Chile (MIGA-13240)

Countries
  • Chile
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
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
Dec 12, 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 Santander, S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Finance
  • Industry and Trade
  • Mining
  • Water and Sanitation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 1,500.00 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)
$ 1,500.00 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 @ MIGA website

Updated in EWS Oct 28, 2019

Disclosed by Bank Mar 6, 2019


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Project Description

On December 14, 2018, MIGA agreed to issueguarantees of up to US$1,500 million, for up to seven years,covering the risk of expropriation of Banco Santander Chile's mandatory reserves held at the Central Bank of Chile.

MIGA analyzed the portfolio of Santander Chile for types of transactions, tenor, size, industry sectors, and exposure to MIGA's Exclusion List. As of June 2018, long term corporate finance accounts for approximately 23% of the bank's total portfolio. Corporate and project finance transactions include among others exposure to potentially high-risk environmental and social sectors such as mining, utilities (water, gas, electricity), manufacturing and chemicals. The main environmental and social (E&S) risks of this project are associated with the bank's lending activities in high-risk sectors and its capacity to manage these risks. The applicable environmental and social requirements are MIGA's Exclusion List; applicable national environmental and social laws and regulations; and MIGA's Performance Standards.

 

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Contact Information

ACCOUNTABILITY MECHANISM OF MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/