WCS Prime II (IFC-39690)

Countries
  • Bangladesh
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
FI
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
Jun 9, 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
Prime Bank Limited
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.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 3, 2018

Disclosed by Bank May 10, 2017


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Project Description

The proposed project consists of a short-term loan (Working Capital Solutions, WCS) for up to $50 million to Prime Bank Limited (the Bank or Prime Bank) to support the foreign currency needs of small and medium enterprises (SMEs) in Bangladesh. The financing provided is a fit with the World Bank and IFC strategy of promoting economic growth by providing access to finance to underserved market segments and promoting international trade, thereby leading to improved competitiveness, job retention and creation.

The Bank commenced operations on April 17, 1995 and has total assets of $3.3 billion as of December 31, 2016.

Investment Description
  • International Finance Corporation (IFC)

The present Board Chairman of the Bank, Mr. Azam J Chowdhury is also the Chairman of East Coast Group, a diversified conglomerate focused on Energy Sector for more than three decades. He is also engaged to several tea plantation businesses. Prime Bank is publicly listed on Dhaka and Chittagong Stock Exchanges. It has a diversified shareholding with 33.5% of shares owned by the general public and 27.3% by local institutions. Around 38.8% of shares is held by the sponsors/directors and 0.4% is held by foreign investors.

Private Actors

The Bank commenced operations on April 17, 1995 and has total assets of $3.3 billion as of December 31, 2016. The present Board Chairman of the Bank, Mr. Azam J Chowdhury is also the Chairman of East Coast Group, a diversified conglomerate focused on Energy Sector for more than three decades. He is also engaged to several tea plantation businesses. Prime Bank is publicly listed on Dhaka and Chittagong Stock Exchanges. It has a diversified shareholding with 33.5% of shares owned by the general public and 27.3% by local institutions. Around 38.8% of shares is held by the sponsors/directors and 0.4% is held by foreign investors.

Contact Information

Prime Bank Limited
Hassanul Zahed
Executive Vice President, International Division
88029570749, 8802 9562617
zahed@primebank.com.bd
Head Office, 119-120 Motijheel Commercial Area, Dhaka 1000

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/