Original disclosure @ IFC website
Updated in EWS May 10, 2019
Disclosed by Bank Apr 11, 2019
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The proposed investment consists of a senior loan to Banco Finandina S.A. (“Finandina”, or the “Bank”), to support Finandina’s lending operations to small and medium size enterprises (SMEs) in Colombia and or to expand the Bank’s loan origination through digital channels.
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.
Banco Finandina, that has more than 42 years of experience. The Bank is part of the business group Seissa S.A.. Finandina does not have partnerships subordinate and has not held contracts with correspondents non-banking services that the Decree 2233 of 2006. (“Seissa” or the “Sponsor”) who directly and indirectly holds more than 90% of the Bank’s total outstanding capital.
Banco Finandina S.A.
+57 1 - 651-1919
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/