Lotus Creation (IFC-34215)

Countries
  • Indonesia
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
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 16, 2014
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
BANK MAYORA, PT
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)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 24.96 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)
$ 24.96 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 @ IFC website

Updated in EWS Jan 31, 2019

Disclosed by Bank Nov 14, 2014


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Project Description

The proposed project is to support Bank Mayora, a small-sized SME bank with over 20 years of lending experience and with a focus in the supply chain financing area. IFC will acquire an equity stake of the Bank through newly issued common shares (the “Project”).

Through this project, IFC will partner with the Bank’s controlling shareholder to roll-out an expansion plan to: (i) continue its accelerated loan growth expansion in SME and underpenetrated other segments; (ii) expand its distribution network and develop its branchless banking business, a key initiative and an integral part of its supply-chain financing business, particularly in the Food & Beverage (F&B) and retail sectors; and (iii) expand its capital base to BUKU II bank category.

People Affected By This Project

The Project is expected to have development impact in the following areas:
- To increase access to finance to SME segment;
- To promote the best banking standard by introducing IFC''s environmental standards to the Bank and strengthening the Bank''s corporate governance system;
- To create jobs through network expansion and SME developmet.

Investment Description
  • International Finance Corporation (IFC)

The Project is a minority equity investment for an up to IDR 300 billion in the form of newly issued common shares of the Bank.

Private Actors

The Bank is 100% owned by the Atmadja family (Mayora Group) who also owns PT. MAYORA Indah Tbk, one of the largest food and beverages manufacturers and distributors in Indonesia [and also IFC’s existing loan client. The Bank is wholly owned by the family through two local entities (PT Mayora Inti Utama and PT Mayora Dhana Utama).

Contact Information

Irfanto Oeij – President Director
PT Bank Mayora
Jl. Tomang Raya Kav. 21-23, Jakarta, INDONESIA
P: +62 21 5655287 F: +62 21 5655277

ACCOUNTABILITY MECHANISM OF IFC

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/