Original disclosure @ IFC website
Updated in EWS Apr 19, 2023
Disclosed by Bank Apr 17, 2023
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According to the IFC, the project consists of an up to US$100 million investment in a Merchant Voucher Receivables program, to be established by Banco Diners Club del Ecuador S.A..
The IFC categorized the project as environmental category FI-3.
As stated by the IFC, Diners is Ecuador’s 7th largest bank in terms of total assets and net loans with market shares of 4.3% and 5.5%, respectively, as of February 2023. The Bank is the market leader in credit card issuance and acquisition in Ecuador by portfolio size, billing, and acquisition.
Diners operates as a digital bank with 6 physical branches located in the largest cities of Ecuador and allied ATM networks with Banco Pichincha and Banred. The Bank has more than 1 million active credit cards and 176,000 affiliated merchants.
Banco Diners Club del Ecuador is ultimately controlled by Mr. Fidel Egas Grijalva, a well-regarded lawyer and businessman.
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Financial Intermediary - Banco Diners Club del Ecuador:
Mario Jaramillo - Treasury Manager
Address: Avda. Amazonas 4560 y Pereira, Quito
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ACCOUNTABILITY MECHANISM OF IFC/MIGA
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