Pichincha ECU II (IFC-37502)

Countries
  • Ecuador
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
Jan 29, 2016
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 CA
The holder of the loan, grant, or other investment.
Sectors
  • Climate and Environment
  • Construction
  • 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.
Project Cost (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported
Converted using 2016-01-29 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Dec 11, 2015


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

This project provides a loan to Banco Pichincha. The money from the loan will be used for "climate smart projects" and investments into medium and small businesses.

People Affected By This Project

The development impact of the project is expected to be high, as it will enhance the Bank''s ability to support projects which ultimately have a direct impact on reducing greenhouse gas emissions, while stimulating growth, employment generation and poverty reduction.

IFC''s term loan will also enhance Banco Pichincha''s ability to support small and medium-sized enterprises which will in turn stimulate economic growth, while also increasing outreach and financial inclusion in Ecuador.

Banco Pichincha should be able to increase its sustainability by increasing its cross-selling potential and capturing new clients, ultimately increasing the Bank''s profitability.

IFC will continue to implement and enhance international best practices in environmental policies, strengthening the Bank''s environmental management system.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Banco Pichincha is the head of Pichincha Group and the main shareholder of most of the Group’s companies, which provides financial services to individuals and businesses through a wide range of banking products, including mortgage loans and micro-enterprise loans in Ecuador and abroad.

Banco Pichincha is ultimately controlled by Mr. Fidel Egas Grijalva, a well-regarded lawyer and businessman.

Contact Information

Mr. Santiago Bayas
Banco Pichincha
Av. Amazonas 4545 y Pereira
Edificio Centro Financiero oficina No. 507
Quito, Ecuador
Tel: +593-2 298 0980
Web: http://www.pichincha.com

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/