The proposed project (the “Project”) consists of an up to US$40 million facility to Banco CMF S.A. (the “Bank” or “CMF”), to be structured in up to three subsequent commitments: (i) one commitment for up to US$10 million (“Loan #1”) with a 12-month bullet repayment, to be committed within 2 months of IFC Board Approval; (ii) another commitment for up to US$15 million (“Loan #2”) with an 18-month bullet repayment, to be committed within 16 months of IFC Board Approval, only after full repayment of Loan #1; and (iii) a final commitment for up to US$15 million (“Loan #3”) with an 18-month bullet repayment, to be committed within 36 months of IFC Board Approval, only after full repayment of Loan #2.
CMF is a wholesale bank in Argentina focused on providing high value services to small and medium enterprise (“SME”) clients. In line with its personalized offering and its niche commercial strategy, as of September 2016, the Bank ranked 33rd in terms of deposits, with a market share of 0.31%, and 32nd in terms of loans, with a market share of 0.34%.
By funding a well-run and profitable private sector niche bank, the Project will support increased banking penetration and access to financial services for small and medium sized business in Argentina, where the credit to gross domestic product ("GDP") ratio is below the regional average for Latin America and lower than its peers (including Brazil). In addition, improving access to finance for SMEs will contribute to increase job creation in the country.
Banco CMF S.A., a wholesale banking institution, provides financial services to large and mid-sized companies in Argentina.
For Inquiries About the Project, Contact
Banco CMF S.A.
Financial Institutions Manager
+54 (11) 4318-6858 / 6800
Macacha Güemes 150, Buenos Aires, Argentina
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