SGBL SSL MCPP (IFC-41500)

Countries
  • Lebanon
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
Proposed
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
Sep 12, 2018
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
Société Générale de Banque au Liban
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)
$ 42.84 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 13, 2019

Disclosed by Bank Aug 6, 2018


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Project Description

The Project entails an IFC senior loan to Société Générale de Banque au Liban to support its lending program to SMEs and climate change projects in Lebanon. At the discretion of the Bank, IFC will also provide the Bank with a USD interest rate swap for a notional amount of up to US$100 million to hedge the interest rate risk arising from this financing.

Investment Description
  • International Finance Corporation (IFC)

The Project consists of a 7 years senior loan of up to US$57.16 million from its own account and up to US$42.84 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program. 

Private Actors

As of year-end 2017, SGBL was the 5th largest bank in Lebanon with market shares of 9.3% by assets, 9% by deposits and 7.4% by loans. The Bank has a presence through 68 branches in Lebanon, 17 branches in Jordan and 4 in Cyprus, and offers a wide range of financial services including retail, corporate, private, investment banking as well as leasing and insurance. In 2017, the Bank established Liberty International Bank Limited in Abu Dhabi, UAE, a 100% owned subsidiary and in July 2018, the bank has completed the acquisition of Banque Richelieu France (formerly KBL Richelieu Banque Privée), Banque Richelieu Monaco (formerly KBL Monaco Private Bankers) and Richelieu Gestion (formerly KBL Richelieu Gestion).

Contact Information

Société Générale de Banque au Liban 
Mona Mroue 
Group Head of Global Transaction Banking 
+961 1 483001 
Mona.Mroue@socgen.com 
Sin EL Fil, Saloumeh Roundabout, SGBL Building, Beirut, Lebanon 
www.sgbl.com.lb 

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/