Original disclosure @ IFC website
Updated in EWS Mar 15, 2023
Disclosed by Bank Mar 13, 2023
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According to the IFC, the proposed investment consists of a 5-year US$ 60 million senior financing with two identically structured senior loans (US$ 30 million each) to be disbursed over a 6 to 12-month period in Kazakh tenge (KZT) to LLP Microfinance Organization (MFO) Shinhan Finance (ShF) in Kazakhstan. Shinhan Card (the Guarantor and the Sponsor) will provide full and irrevocable guarantee for the Project. The proceeds will be on-lent to individual entrepreneurs and micro, small and medium-sized enterprises (MSMEs). At least 25% will be earmarked for on-lending to women owned MSMEs (WMSMEs). Subject to blended finance approval, ShF may also benefit from a performance-based incentive provided by the Women Entrepreneurs Opportunity Facility and the Women Entrepreneurs Finance Initiative to support growth of the WMSMEs business.
The project is categorized as FI-2 by the IFC.
From the IFC's website:
Shinhan Finance, established in 2014, offers installment financing for purchases of new / used cars and unsecured loans for individuals and legal entities in Kazakhstan. Shinhan Finance is wholly owned by Shinhan Card.
Shinhan Card, which was established in 1985, holds the distinction of being the foremost credit card issuer in Korea, as measured by credit card usage volume in 2021, since its merger with LG Card in 2007. The company is involved in providing financial services such as credit sales, short and long-term card loans, installment loans, and brokerage of diverse goods and services. Shinhan Card is wholly owned by Shinhan Financial Group (SFG).
SFG, which came into existence in 2001, is one of the largest financial holding companies in South Korea. The company has direct and indirect subsidiaries engaged in commercial banking, credit card, asset management, and other financial services. SFG is publicly listed on both the New York Stock Exchange and the Korea Stock Exchange.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Shinhan Card Co. Ltd.||Parent Company||Finance|
|-||-||-||-||Shinhan Financial Group||Parent Company||Finance|
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Financial Intermediary - LLP MFO Shinhan Finance:
Mr. Jaeman Ko - Chief Operating Officer
Phone: +7 727 355 25 50
Address: Office 2/3, 2nd floor, 48 Auezov street, Almaty, Republic of Kazakhstan
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