GTLP UniCredit (IFC-38086)

Regions
  • World
Geographic location 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 27, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
UNICREDIT SPA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Campaign Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 25, 2018

Disclosed by Bank Apr 7, 2016

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, the project falls under the Global Trade Liquidity Program, an innovative and well received trade finance program launched by the International Finance Corporation in 2009. GTLP provides liquidity or guarantees to global or regional banks with large financial institution networks. Through GTLP, banks are able to grow their credit limits, manage risk, and support trade in the emerging markets.

The project involves establishing a funded risk sharing facility with UniCredit SpA for up to US$500 million to share the risk on a portfolio of emerging market issuing banks.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The Facility is expected to have the following development impacts:
- Increased access to finance: The project will increase access to finance for the Emerging Market importers and exporters. Improved availability of credit is expected to benefit local enterprises (producers and importers, including SMEs) along the value chain and therefore support growth, sustain employment, and encourage the generation of higher incomes.
- Strong demonstration effect through partnership with a major international bank and by mobilizing other program participants to support trade finance, the Project will have a strong demonstration effect by encouraging greater local/regional bank participation in EM trade finance thereby increasing access to finance for local importers and exporters.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

UniCredit is the largest banking group in Italy, established in October 1998 through the merger of Credito Italiano and Unicredito SpA followed by a series of acquisitions. The Bank adopted its current name in January 2008. The Bank operates across a wide range of sectors including retail and small business, corporate and investment banking, asset management, insurance and trading and private banking. With operations in 17 countries, 7,934 branches, and 144,000 employees the Bank is a competitive global bank, leading markets in Central and Eastern Europe.

As of December 31 2015, the Bank had total assets of EUR860.4 billion, and total equity of EUR50 billion. UniCredit is listed on Borsa Italiana and has a market capital of EUR 22.4 billion. The two major shareholders of UniCredit are Aabar Luxembourg S.A.R.L. Fondazione Cassa di Risparmio Verona, Vicenza, Belluno e Ancona with a 5.039% and 3.460% stake in the Bank respectively. All other shareholders own less than 5.0% in the Bank. UniCredit is rated BBB- by S&P and Baa1 by Moody’s.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Contact: Antonio Ebale 
Senior Manager, Head of Trade Risk Management & Forfaiting Italy
Global Transaction Banking, Unicredit S.p.A.
Office Address: Piazza Gae Aulenti, UniCredit Tower – Torre B - Piano 6, 20154 Milan, Italy

Email Address:Antonio.Ebale@unicredit.eu

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/

How it works

How it works