Original disclosure @ IFC website
Updated in EWS Jul 24, 2018
Disclosed by Bank Sep 2, 2016
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The project consists of a loan of up to US$75 million to Scotiabank de Costa Rica S.A. for on-lending to small and medium enterprises (SMEs) and low and middle income mortgages. The project seeks to support increased banking penetration and access to financial services for businesses and individuals in Costa Rica, generate employment, and provide increased access to housing.
Scotiabank CR's main focus of its operations are in the real estate and wholesale and retail segments, combined for approximately 40%. MSME lending under the asset class supported accounts for approximately 11% of the total portfolio. The overall portfolio risks includes a limited number of business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site specific, largely reversible, and readily addressed through mitigation measures. The project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy. For this project Scotiabank CR will be required to screen the loans against the IFC Exclusion List and the Costa Rican environmental and social laws and regulations.
The proposed investment consists of a credit line for up to $75 million, intended to be used for SME’s and housing.
Scotiabank de Costa Rica is a 100% owned subsidiary of Grupo BNS de Costa Rica SA. Grupo BNS de Costa Rica SA is in turn 80.2% owned by BNS International SA (Panama) and 19.7% owned by Corporacion Mercaban de Costa Rica, both of which are wholly owned subsidiaries of The Bank of Nova Scotia, a publicly listed company in Canada.
The Bank is a 100% owned subsidiary of Grupo BNS de Costa Rica SA. Grupo BNS de Costa Rica SA is in turn 80.2% owned by BNS International SA (Panama) and 19.7% owned by Corporacion Mercaban de Costa Rica, both of which are wholly owned subsidiaries of The Bank of Nova Scotia, a publicly listed company in Canada.
Ignacio Vargas F.
Sr Manager – Liquidity & Funding
Tel: (506) 2210 4131
Sabana Norte, Apdo 5395 - 100
San Jose, Costa Rica
Scotiabank de Costa Rica S.A.
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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/