Lauca (IFC-37622)

Countries
  • Chile
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
Approved
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
May 12, 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
Consorcio Financiero S.A.
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)
$ 140.00 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)
$ 140.00 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 Jul 24, 2018

Disclosed by Bank Apr 1, 2016


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Project Description

The Project consists of an equity investment in Consorcio Financiero S.A. (“Consorcio” or the “Holding”) to support the Holding’s growth in Chile and its regional expansion outside of its home market.

Investment Description
  • International Finance Corporation (IFC)

Consorcio is a locally owned company, controlled by three highly respected Chilean families (Hurtado Vicuña, Fernandez Leon and Garces Silva), which together own 91.6% of the Holding’s shares.

Private Actors

Consorcio is a locally owned company, controlled by three highly respected Chilean families (Hurtado Vicuña, Fernandez Leon and Garces Silva), which together own 91.6% of the Holding’s shares.

Consorcio is one of the leading financial groups in Chile with almost 100 years of existence. Consorcio is mainly formed by three insurance companies, (Consorcio Seguros de Vida, Consorcio Seguros Generales, and CNLife Seguros de Vida) and a bank. 

Contact Information

ACCOUNTABILITY MECHANISM OF IFC/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/