This project provides large-scale funds to Banco Bradesco S.A., a Brazilian commercial bank. The funds will go towards loans to small and medium sized businesses in Brazil, with the goal of poverty reduction and capital flow to smaller-scale firms.
By working with a Bank with significant national reach, the Project is expected to have a high development impact, in particular as it will enhance access to finance for SMEs in local economies. SME finance is a key priority for IFC and this project contributes to reducing the gap because it provides long-term support for SME lending through a financial intermediary that has one of the largest reaches in Brazil. This project is particularly relevant in the current economic recession.
Banco Bradesco was founded in 1943 as a commercial bank and is one of the largest commercial banks in Brazil and Latin America. The Bank’s voting shares are owned, directly and indirectly, by (i) Fundação Bradesco (56.62%); (ii) Aguiar Family (11.23%); (iii) BBD Participações S.A. (6.10%); (iv) Bank of Tokyo Mitsubishi (2.50%); and (v) free float (23.55%). Bradesco has a strong market reputation and is rated on a global scale BBB, Baa3 and BB+ by Fitch, Moody’s and S&P’s respectively, and AAA(bra), AAA.br and brAAA on a national scale.
Roberto Medeiros Paula
Banco Bradesco S.A.
Avenida Paulista, 1450, 2a SL, São Paulo, SP, Brazil
Tel: + 55 11 2178-5249
Fax: + 55 11 2178-5227
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/