The Project consists of an IFC investment of up to US$200 million to acquire non-performing loans or distressed assets (Portfolios) sold by Itaú Unibanco S.A. ("Itaú") in Brazil. For this purpose, Itaú and IFC will be co-investors in a special purpose vehicle ("SPV"). Recovery do Brasil Consultoria S.A. (the "Company" or "Recovery"), market leader in asset resolution, will service the Portfolios acquired.
- Economic Development. The Project will continue to support the development of the non-performing loans or distressed assets market in Brazil. So far, IFC's DARP investments through the existing platform have (i) allowed Brazilian banks to off-load in excess of BRL30 billion face value non-performing loans or distressed assets, and (ii) built infrastructure for distressed assets ("DA") resolution in Brazil.
- Access to Finance. The Project will continue to facilitate the normalization of obligations of households and SMEs, preventing a large number of them from losing their assets, regaining access to formal credit, and preserving jobs.
The proposed project consists of an IFC investment of up to US$200 million, in the form of debt and equity, earmarked at financing the acquisition of Portfolios originated by Itaú.
FOR INQUIRIES ABOUT THE PROJECT:
Itau Unibanco S.A.
55 11 2794 6877
Praça Alfredo Egydio de Souza Aranha, 100, Torre Alfredo Egydio, 9th floor - 04344-902 São Paulo, SP
FOR INQUIRIES AND COMMENTS ABOUT IFC:
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
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/