Banco Davivienda S.A. (IFC-39057)

Countries
  • Colombia
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
Active
Bank Risk Rating
U
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
Jan 11, 2017
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
BANCO DAVIVIENDA 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.
Ring Fence
  • Climate
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 153.02 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported COP 450,000,000,000
Converted using 2017-04-27 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 16, 2017

Disclosed by Bank Apr 27, 2017


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Project Description
The project entails a Green Bond to be issued by Banco Davivienda S.A. ("Davivienda" or the "Bank") in the Colombian <em>Segundo Mercado, </em>which will be fully subscribed by IFC. The Green Bond proceeds will be used for renewable energy, green building, energy efficiency and cleaner production sub-projects in Colombia.
People Affected By This Project
Through the Project, the Bank is expected to be among the first green bond issuers in the Country, supporting the creation and development of a local green bond market in Colombia.
Investment Description
Davivienda is the third largest bank in Colombia according to assets and second largest in terms of loans. The Bank also owns regional banking operations in Panama, Costa Rica, Honduras, El Salvador and Miami through a branch. The Bank is majority owned by Grupo Bolivar, through various companies with a 55.1% ownership. The second largest shareholders of the Bank are Inversiones Cusezar S.A. and Inversiones Meggido S.A., with an 8.8% and 8.5% stake, respectively. IFC is also a shareholder in the Bank, with a 1.9% stake. The remaining 25.6% is spread among minority shareholders, including Davivienda's preffered shares listed in the Colombian Stock Exchange.
Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Banco Davivienda Investor Finance invests in Acquisition of Petroelectrica de los llanos Transmission Line Client Energy
Banco Davivienda Investor Finance invests in Argos N America Corp Client Construction
Banco Davivienda Investor Finance invests in Autopista Conexion Pacifico 2 Parent Company Transport
Banco Davivienda Investor Finance invests in Bank of Nova Scotia Parent Company Energy
Banco Davivienda Investor Finance invests in Bosques De Los Llanos Solar Client Energy
Banco Davivienda Investor Finance invests in Canacol Energy Parent Company Mining
Banco Davivienda Investor Finance invests in Canacol Energy Corporate Facility 2017 Client Mining
Banco Davivienda Investor Finance invests in Colpatria Parent Company Transport
Banco Davivienda Investor Finance invests in Edemsa Parent Company Energy
Banco Davivienda Investor Finance invests in El Morro and Termoyopal Power Plants Expansion Client Energy
Banco Davivienda Investor Finance invests in Frontera Energy Corp Parent Company Energy
Banco Davivienda Investor Finance invests in Girardot-Ibague-Cajamarca 4g Client Transport
Banco Davivienda Investor Finance invests in Girardot-Ibague-Cajamarca Highway (35KM) PPP Client Transport
Banco Davivienda Investor Finance invests in Grupo Argos SA Parent Company Construction
Banco Davivienda Investor Finance invests in HB Estructuras Metálicas Parent Company Transport
Banco Davivienda Investor Finance invests in Latinoamericana de Construcciones Parent Company Transport
Banco Davivienda Investor Finance invests in Mincivil Parent Company Transport
Banco Davivienda Investor Finance invests in Mincivil SA Parent Company Transport
Banco Davivienda Investor Finance invests in Petroelectrica de los Llanos S Client Energy
Banco Davivienda Investor Finance invests in Procaps SA Parent Company Education and Health
Banco Davivienda Investor Finance invests in Termotecnica Coindustrial Parent Company Transport
Banco Davivienda Investor Finance invests in Termoyopal Parent Company Energy
Banco Davivienda Investor Finance invests in Termoyopal-El Morro Power Client Energy
Banco Davivienda Investor Finance invests in Trina Solar Co Ltd Parent Company Energy
Bank of Nova Scotia Parent Company Energy owns Termoyopal-El Morro Power Client Energy
Canacol Energy Parent Company Mining owns Canacol Energy Corporate Facility 2017 Client Mining
Colpatria Parent Company Transport owns Girardot-Ibague-Cajamarca Highway (35KM) PPP Client Transport
Edemsa Parent Company Energy owns Acquisition of Petroelectrica de los llanos Transmission Line Client Energy
Frontera Energy Corp Parent Company Energy owns Petroelectrica de los Llanos S Client Energy
Grupo Argos SA Parent Company Construction owns Argos N America Corp Client Construction
HB Estructuras Metálicas Parent Company Transport owns Girardot-Ibague-Cajamarca Highway (35KM) PPP Client Transport
Latinoamericana de Construcciones Parent Company Transport owns Girardot-Ibague-Cajamarca Highway (35KM) PPP Client Transport
Mincivil Parent Company Transport owns Girardot-Ibague-Cajamarca Highway (35KM) PPP Client Transport
Mincivil SA Parent Company Transport owns Girardot-Ibague-Cajamarca 4g Client Transport
Termotecnica Coindustrial Parent Company Transport owns Girardot-Ibague-Cajamarca Highway (35KM) PPP Client Transport
Termoyopal Parent Company Energy owns El Morro and Termoyopal Power Plants Expansion Client Energy
Trina Solar Co Ltd Parent Company Energy owns Bosques De Los Llanos Solar Client Energy

Contact Information
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/ CONTACTS Banco Davivienda S.A. Elizabeth C. Uribe Pardo Corporate Finance Manager +(571) 330 0000 Ext. 53670 elizabeth.uribe@grupobolivar.com Avenida El Dorado #68C-61, Piso 9, Bogota, Colombia www.davivienda.com