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.
Ring Fence
  • Small & Medium Enterprises
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
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

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.

Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actors Description

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.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
AGT Food & Ingredients Inc Parent Company Agriculture and Forestry owns Alliance Pulse Processors Inc Client Agriculture and Forestry
American Industrial Partners Parent Company Construction owns Canam Group Inc Client Construction
Apex Wind Energy Parent Company Energy owns Altavista Solar Client Energy
Berkshire Hathaway Inc Parent Company Energy owns AltaLink LP Client Energy
Brookfield Asset Management Parent Company Energy owns Terraform Phoenix Ii LLC Client Energy
Brookfield Renewable Partners Parent Company Energy owns Brookfield Renewable Partners Hydroelectric Bridge Facility Client Energy
Canada Parent Company Energy owns Hydro One Inc Client Energy
Canada Parent Company Energy owns Hydro One Ltd Client Energy
Capital Power Parent Company Energy owns Goreway Gas-Fired Power Plant (875MW) Refinancing 2020 Client Energy
Capital regional et cooperatif Parent Company Construction owns Telecon Group Client Construction
CCMP Capital Advisors LP Parent Company Education and Health owns Jamieson Laboratories Ltd Client Education and Health
CDPQ Parent Company Energy owns Invenergy Wind Operating I LLC Client Energy
Coco Group Parent Company Construction owns Coco Paving Inc Client Construction
Competitive Power Ventures (CPV) Parent Company Energy owns Three Rivers Energy Center (1250MW) Client Energy
Emera Inc Parent Company Energy owns Nova Scotia Power Inc Client Energy
Energy Capital Partners LLC Parent Company Energy owns Geysers Power Co Client Energy
Farmers Co-operative Dairy Parent Company Agriculture and Forestry owns Agropur Cooperative Client Agriculture and Forestry
Fengate Asset Management Parent Company Energy owns Acquisition of Freeport Energy Center (260MW) Client Energy
Fengate Asset Management Parent Company Energy owns Central Utility Block Cogeneration Plant (102MW) Client Energy
Fortis Inc Parent Company Energy owns FortisAlberta Inc Client Energy
Fortis Inc Parent Company Energy owns FortisBC Energy Inc Client Energy
Fortis Inc Parent Company Energy owns FortisBC Inc Client Energy
General Electric Co Parent Company Energy owns CPV Three Rivers Client Energy
Graham Group Inc Parent Company Construction owns Graham Construction Co Client Construction
Groupe Filgo Parent Company Agriculture and Forestry owns Olymel LP Client Agriculture and Forestry
Hylife Invests Ltd Parent Company Agriculture and Forestry owns Hylife Ltd Client Agriculture and Forestry
James Richardson & Sons Ltd Parent Company Agriculture and Forestry owns Richardson International Ltd Client Agriculture and Forestry
Kruger Inc Parent Company Agriculture and Forestry owns Kruger Products LP Client Agriculture and Forestry
Lanxess AG Parent Company Construction owns Davis-Standard Corp Client Construction
Lassonde Industries Inc Parent Company Agriculture and Forestry owns Lassonde Pappas & Co Inc Client Agriculture and Forestry
National Bank of Canada Investor Finance invests in 140 Yorkville Corp Parent Company Infrastructure
National Bank of Canada Investor Finance invests in 19 Duncan Parent Company Infrastructure
National Bank of Canada Investor Finance invests in ABC Group Inc Parent Company Industry and Trade
National Bank of Canada Investor Finance invests in Advantage Energy Income Fund Parent Company Mining
National Bank of Canada Investor Finance invests in Aecon Group Inc Parent Company Transport
National Bank of Canada Investor Finance invests in Ag Growth International Inc Parent Company Construction
National Bank of Canada Investor Finance invests in Agnico Eagle Mines Ltd Parent Company Mining
National Bank of Canada Investor Finance invests in AGT Food & Ingredients Inc Parent Company Agriculture and Forestry
National Bank of Canada Investor Finance invests in Air Canada Parent Company Transport
National Bank of Canada Investor Finance invests in Akumin Corp Parent Company Education and Health
National Bank of Canada Investor Finance invests in Alamos Gold Inc Parent Company Mining
National Bank of Canada Investor Finance invests in Algonquin Power & Utilities Parent Company Energy
National Bank of Canada Investor Finance invests in Alliance Pipeline Ltd Prtnshp Parent Company Mining
National Bank of Canada Investor Finance invests in AltaGas Canada Inc Parent Company Mining
National Bank of Canada Investor Finance invests in AltaGas Ltd Parent Company Mining
National Bank of Canada Investor Finance invests in Altalink Investments LP Parent Company Energy
National Bank of Canada Investor Finance invests in Andrew Peller Ltd Parent Company Agriculture and Forestry
National Bank of Canada Investor Finance invests in Apollo Health & Beauty Care Parent Company Industry and Trade
National Bank of Canada Investor Finance invests in ARC Financial Corp Parent Company Mining
National Bank of Canada Investor Finance invests in ARC Resources Ltd Parent Company Mining
National Bank of Canada Investor Finance invests in Artis REIT Parent Company Infrastructure
National Bank of Canada Investor Finance invests in Aspenleaf Energy Ltd Parent Company Mining
National Bank of Canada Investor Finance invests in ATS Automation Tooling Sys Inc Parent Company Construction
National Bank of Canada Investor Finance invests in Auckland And Main Dvlps Lp Parent Company Infrastructure
National Bank of Canada Investor Finance invests in Baytex Energy Corp Parent Company Mining
National Bank of Canada Investor Finance invests in bcIMC Parent Company Infrastructure
National Bank of Canada Investor Finance invests in Bellatrix Exploration Ltd Parent Company Mining
National Bank of Canada Investor Finance invests in Berkshire Hathaway Inc Parent Company Energy
National Bank of Canada Investor Finance invests in Birchcliff Energy Ltd Parent Company Mining
National Bank of Canada Investor Finance invests in Bombardier Inc Parent Company Transport
National Bank of Canada Investor Finance invests in Bonavista Energy Corp Parent Company Mining
National Bank of Canada Investor Finance invests in Bouygues SA Parent Company Transport
National Bank of Canada Investor Finance invests in Boyd Group Income Fund Parent Company Transport
National Bank of Canada Investor Finance invests in Bronte Village Limited Parent Company Infrastructure
National Bank of Canada Investor Finance invests in BRP Parent Company Transport
National Bank of Canada Investor Finance invests in Bruce Power LP Parent Company Energy
National Bank of Canada Investor Finance invests in Cameco Corp Parent Company Mining
National Bank of Canada Investor Finance invests in Camso Inc Parent Company Transport
National Bank of Canada Investor Finance invests in Canada Parent Company Energy
National Bank of Canada Investor Finance invests in Canadian Natural Resources Ltd Parent Company Mining
National Bank of Canada Investor Finance invests in Canadian Pacific Railway Ltd Parent Company Transport
National Bank of Canada Investor Finance invests in Canadian Tire Corp Ltd Parent Company Infrastructure
National Bank of Canada Investor Finance invests in Capital Power Corp Parent Company Energy
National Bank of Canada Investor Finance invests in Capital regional et cooperatif Parent Company Construction
National Bank of Canada Investor Finance invests in Capstone Mining Corp Parent Company Mining
National Bank of Canada Investor Finance invests in Cardinal Energy Group Inc Parent Company Mining
National Bank of Canada Investor Finance invests in Cardinal Energy Ltd Parent Company Mining
National Bank of Canada Investor Finance invests in Cargojet Inc Parent Company Transport
National Bank of Canada Investor Finance invests in Cascades Inc Parent Company Agriculture and Forestry
National Bank of Canada Investor Finance invests in CCMP Capital Advisors LP Parent Company Education and Health
National Bank of Canada Investor Finance invests in Cenovus Energy Inc Parent Company Mining
National Bank of Canada Investor Finance invests in Centro Square Parent Company Industry and Trade
National Bank of Canada Investor Finance invests in Cobalt 27 Capital Corp Parent Company Mining
National Bank of Canada Investor Finance invests in Colliers Intl Grp Inc Parent Company Industry and Trade
National Bank of Canada Investor Finance invests in Cominar REIT Parent Company Infrastructure
National Bank of Canada Investor Finance invests in CPPIB Parent Company Mining
National Bank of Canada Investor Finance invests in Crescent Point Energy Trust Parent Company Mining
Ontario Power Generation Inc Parent Company Energy owns Lower Mattagami Energy LP Client Energy
Pattern Energy Group Inc Parent Company Energy owns K2 Wind Ontario Client Energy
Pattern Energy Group LP Parent Company Energy owns South Kent Wind Farm Client Energy
Pattern Renewable Holdings Parent Company Energy owns Grand Renewable Wind LP Client Energy
Pembina Pipeline Corp Parent Company Energy owns York Energy Centre Client Energy
SKion GmbH Parent Company Construction owns Ovivo Inc Client Construction
Stonepeak Infrastructure Partners Parent Company Energy owns RED-Rochester Cogeneration Power Plant (158MW) Client Energy
TC Energy Corp Parent Company Energy owns TransCanada Pipelines Ltd Client Energy
Torquest Partners Inc Parent Company Construction owns Polycor Inc Client Construction
Toyota Tsusho Corp Parent Company Energy owns Goreway Station Partnership Client Energy
TransCanada Corp Parent Company Energy owns TransCanada Pipelines Ltd Client Energy
Wynnchurch Capital LP Parent Company Construction owns Polycor Inc Client Construction

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/