ABA Bank Loan (IFC-37446)

Countries
  • Cambodia
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.
Borrower
ADVANCED BANK OF ASIA LIMITED
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)
$ 5.68 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)
$ 10.00 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 @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Mar 31, 2017


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Project Description

The proposed project (the “Project”) involves a senior loan of up to US$10 million to Advanced Bank of Asia Limited (“ABA” or “the Bank”), in order to support the Bank’s growth and to provide additional access to finance to local borrowers, in particular, MSMEs in Cambodia.

Investment Description
  • International Finance Corporation (IFC)

ABA has condensed shareholding structure with only 2 shareholders. National Bank of Canada (the 6th largest bank in Canada by asset size) has been a shareholder of ABA since August 2014 with initial 10% shareholding that increased to 90% in May 2016. The individual sponsor, Mr.Damir Karassayev, has been with ABA since 2007 when a private equity group acquired the Bank.

The proposed IFC investment is up to US$10 million senior loan consisting of an A loan for IFC’s own account and up to US$5 million B loan from the IFC Women Entrepreneurs Debt Fund.

Private Actors

Advanced Bank of Asia Limited has condensed shareholding structure with only 2 shareholders. National Bank of Canada (the 6th largest bank in Canada by asset size) has been a shareholder of ABA since August 2014 with initial 10% shareholding that increased to 90% in May 2016. The individual sponsor, Mr.Damir Karassayev, has been with ABA since 2007 when a private equity group acquired the Bank.

Contact Information

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/