DCM BAY Women Entrepreneur Bond (IFC-41721)

Countries
  • Thailand
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
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
Jun 13, 2019
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
Bank of Ayudhya Public Company Limited
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.
Ring Fence
  • Small & Medium Enterprises
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 150.00 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)
$ 220.00 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 May 21, 2020

Disclosed by Bank Aug 22, 2019


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to the bank website, "The proposed investment entails IFC anchor investment of up to US$150 million in a US$220 million privately-placed, senior, unsecured USD-denominated “Women Entrepreneurs Bonds” to be issued by Bank of Ayudhya Public Company Ltd. (“Krungsri” or the “Bank”) to finance the expansion of the Bank’s women-led small and medium enterprises (“WSME”) loan portfolio (the “Project”). The Project will support the Bank’s ongoing efforts to increase its lending portfolio to WSMEs, an important sector that drives economic growth and employment, and to promote resilient and sustainable growth and strengthen financial inclusion in Thailand. Krungsri is the fifth largest commercial bank in Thailand, in terms of total assets, with 11.4% market share of total banking sector assets (US$67 billion) as of December 2018. The Bank has a leading position in consumer lending and ranks #1 in retail and #5 in the SME and corporate loan segments. Krungsri is listed on the Stock Exchange of Thailand, with a market cap of US$9.4 billion as of July 31, 2019 and is recognized as a Domestic Systematically Important Bank by the Bank of Thailand. IFC has a multi-level partnership with the Bank and its subsidiaries in the East Asia and the Pacific region, notably Hattha Kaksekar Limited in Cambodia, as well as the Bank’s major shareholder - MUFG Bank, Ltd., the largest commercial bank in Japan (“MUFG Bank”)"

Investment Description
Financial Intermediary
Financial Intermediary: A commercial 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

According to IFC, Krungsri is a strategic subsidiary of MUFG Bank, formerly Bank of Tokyo-Mitsubishi UFJ, Ltd., which owned 76.88% of the Bank as of July 31, 2019. MUFG Bank is a multinational banking and financial services corporation based in Japan with consolidated total assets of US$2,904 billion as of June 2019. It became a shareholder in Krungsri in 2013. As a major shareholder and a strategic partner, MUFG Bank has provided a wide range of support such as product development, risk management, information technology, global network, and marketing to help strengthen Krungsri’s franchise and operations.  

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
ACS Parent Company Construction owns Dragados SA Client Construction
ACS Parent Company Construction owns Hochtief AG Client Construction
Akira Holding Foundation Parent Company Agriculture and Forestry owns Louis Dreyfus Co Asia Pte Ltd Client Agriculture and Forestry
Akira Holding Foundation Parent Company Agriculture and Forestry owns Louis Dreyfus Co Brasil SA Client Agriculture and Forestry
Alliance Global Group Inc Parent Company Agriculture and Forestry owns Emperador International Ltd Client Agriculture and Forestry
Amadeus IT Holding SA Parent Company Communications owns AMADEUS IT GROUP SA Client Communications
Amkor Technology Inc Parent Company Communications owns Amkor Technology Japan KK Client Communications
Amkor Technology Inc Parent Company Communications owns J-Devices Corp Client Communications
ASM International NV Parent Company Construction owns ASM Pacific Technology Ltd Client Construction
Aso Corp Parent Company Construction owns Nittoc Constr Co Ltd Client Construction
Ati Invest Parent Llp Parent Company Construction owns Array Technologies Inc Client Construction
Bacardi & Co Ltd Parent Company Agriculture and Forestry owns Bacardi Ltd Client Agriculture and Forestry
Bain Capital LP Parent Company Communications owns Toshiba Memory Corp Client Communications
Broadcom Inc Parent Company Communications owns Broadcom Corp Client Communications
BSA International SA Parent Company Agriculture and Forestry owns Groupe Lactalis SA Client Agriculture and Forestry
BSA SAS Parent Company Agriculture and Forestry owns Groupe Lactalis SA Client Agriculture and Forestry
Bunge Ltd Parent Company Agriculture and Forestry owns Bunge Finance Europe Client Agriculture and Forestry
Cardinal Health Inc Parent Company Communications owns naviHealth Inc Client Communications
Carlsberg A/S Parent Company Agriculture and Forestry owns Carlsberg Breweries A/S Client Agriculture and Forestry
CHUBU Electric Power Co Inc Parent Company Construction owns Toenec Corp Client Construction
CNH Industrial NV Parent Company Construction owns CNH Global NV Client Construction
Co-operative Bulk Handling Ltd Parent Company Agriculture and Forestry owns CBH Grain Pty Ltd Client Agriculture and Forestry
COFCO Corp Parent Company Agriculture and Forestry owns COFCO (Hong Kong) Ltd Client Agriculture and Forestry
Cosan Ltd Parent Company Agriculture and Forestry owns Usina da Barra SA(Grupo Cosan) Client Agriculture and Forestry
Dell Technologies Inc Parent Company Communications owns Dell Finl Svcs Pty Ltd Client Communications
ECOM Agroindustrial Corp Ltd Parent Company Agriculture and Forestry owns ECOM Agroindustrial Asia Ltd Client Agriculture and Forestry
Farmers Co-operative Dairy Parent Company Agriculture and Forestry owns Agropur Cooperative Client Agriculture and Forestry
First Solar Inc Parent Company Communications owns Cal Flats Solar InvestCo LLC Client Communications
FKS Group Parent Company Agriculture and Forestry owns FKS Food & Agro Pte Ltd Client Agriculture and Forestry
Fortress Investment Group LLC Parent Company Construction owns Interpool Inc Client Construction
Francisco Partners Mgmt Lp Parent Company Communications owns Ichor Systems Inc Client Communications
Gardner Denver Holdings Inc Parent Company Construction owns Gardner Denver Inc Client Construction
Garfield Weston Foundation Parent Company Agriculture and Forestry owns Associated British Foods PLC Client Agriculture and Forestry
GDC Transition Co Parent Company Construction owns Guardian Industries Corp Client Construction
GI Partners LLP Parent Company Communications owns Peak 10 Inc Client Communications
Grupo Argos SA Parent Company Construction owns Argos N America Corp Client Construction
Hitachi Ltd Parent Company Communications owns Clarion Co Ltd Client Communications
Hitachi Ltd Parent Company Construction owns Hitachi Construction Machinery Client Construction
HNA Technology Co Ltd Parent Company Communications owns Ingram Micro Inc Client Communications
Honeywell International Inc Parent Company Construction owns Honeywell Intl Inc-Homes & Client Construction
Imperial Brands PLC Parent Company Agriculture and Forestry owns Imperial Brands Finance PLC Client Agriculture and Forestry
Infrared Capital Partners Ltd Parent Company Construction owns HS1 (High-Speed Rail) Asts Client Construction
Ingersoll Rand Inc Parent Company Construction owns Gardner Denver Inc Client Construction
Ingersoll-Rand PLC Parent Company Construction owns Ingersoll-Rand Glbl Hldgs Co Client Construction
Inmobiliaria Carso SA de CV Parent Company Construction owns FCC Client Construction
JAB Holding Co Sarl Parent Company Agriculture and Forestry owns Jde Peets Bv Client Agriculture and Forestry
Janus Henderson Group PLC Parent Company Construction owns John Laing PLC Client Construction
Japan Tobacco Inc Parent Company Agriculture and Forestry owns Japan Tobacco International SA Client Agriculture and Forestry
Jardine Matheson Holdings Ltd Parent Company Agriculture and Forestry owns Astra Agro Lestari Tbk PT Client Agriculture and Forestry
Jardine Matheson Holdings Ltd Parent Company Construction owns United Tractors Tbk PT Client Construction
Kendall-Jackson Wines Parent Company Agriculture and Forestry owns Jackson Family Wines Inc Client Agriculture and Forestry
Kingboard Chem Hldg Ltd (Now Parent Company Agriculture and Forestry owns Kingboard Laminates Hldg Ltd Client Agriculture and Forestry
KKR & Co LP Parent Company Communications owns Pioneer DJ Corp Client Communications
Kobe Steel Ltd Parent Company Construction owns Chengdu Kobelco Cons Finl Ltd Client Construction
Kobe Steel Ltd Parent Company Construction owns Chengdu Kobelco Constr Group Client Construction
L'Arche Green NV Parent Company Agriculture and Forestry owns Heineken International BV Client Agriculture and Forestry
Limagrain SCA Parent Company Agriculture and Forestry owns VILMORIN & CIE SA Client Agriculture and Forestry
Lincoln Electric Holdings Inc Parent Company Communications owns Vizient LLC Client Communications
Lotte Holdings Co Ltd Parent Company Agriculture and Forestry owns Lotte Co Ltd Client Agriculture and Forestry
Maple Holdings BV Parent Company Agriculture and Forestry owns Keurig Dr Pepper Inc Client Agriculture and Forestry
Marubeni Corp Parent Company Agriculture and Forestry owns Helena Chemical Client Agriculture and Forestry
Metcash Ltd Parent Company Agriculture and Forestry owns Metcash Trading Ltd Client Agriculture and Forestry
Ministry of Finance Singapore Parent Company Agriculture and Forestry owns Olam International Ltd Client Agriculture and Forestry
Miyaji Engineering Group Inc Parent Company Construction owns Miyaji Engineering Co Ltd Client Construction
Mondelez International Inc Parent Company Agriculture and Forestry owns Mondelez Intl Hldg Netherlands Client Agriculture and Forestry
NEC Corp Parent Company Communications owns Japan Aviation Electronics Ind Client Communications
Nichiha Corp Parent Company Construction owns Chuo KK Client Construction
Nippon Sheet Glass Co Ltd Parent Company Construction owns NSG UK Enterprises Ltd Client Construction
Nisshinbo Holdings Inc Parent Company Communications owns New Japan Radio Co Ltd Client Communications
NutriAsia Inc Parent Company Agriculture and Forestry owns Del Monte Foods Inc Client Agriculture and Forestry
NutriAsia Inc Parent Company Agriculture and Forestry owns Del Monte Pacific Ltd Client Agriculture and Forestry
Onex Corp Parent Company Communications owns Celestica Inc Client Communications
Oriental Consultants Hldg Co Parent Company Construction owns Oriental Consultants Co Ltd Client Construction
PQ Group Holdings Inc Parent Company Construction owns Potters Industries LLC Client Construction
Quintiles Ims Holdings Inc Parent Company Communications owns IMS Health Inc Client Communications
Reggeborgh BV Parent Company Construction owns VolkerWessel Client Construction
Rgm Intl Parent Company Agriculture and Forestry owns April Intl Entrp Pte Ltd Client Agriculture and Forestry
RWE AG Parent Company Construction owns Triton Knoll Offshore Wind Client Construction
Sabre Corp Parent Company Communications owns Sabre Holdings Corp Client Communications
Singha Corp Co Ltd Parent Company Agriculture and Forestry owns Boon Rawd Trading Co Ltd Client Agriculture and Forestry
SKY Group Holdings Parent Company Agriculture and Forestry owns Kakuyasu Co Ltd Client Agriculture and Forestry
SKY Group Holdings Parent Company Agriculture and Forestry owns Kakuyasu Group Co Ltd Client Agriculture and Forestry
SouthWorth Capital Management Parent Company Communications owns OnlineTechStores.com Inc Client Communications
SPIE SA SPV Parent Company Construction owns Spie SA Client Construction
Suzano Papel e Celulose SA Parent Company Agriculture and Forestry owns Suzano Pulp & Paper Europe SA Client Agriculture and Forestry
TIAA Parent Company Construction owns John Laing PLC Client Construction
Top Frontier Holdings Inc Parent Company Agriculture and Forestry owns San Miguel Corp Client Agriculture and Forestry
Trac Intermodal Corp Parent Company Construction owns Interpool Inc Client Construction
United Arab Emirates Parent Company Communications owns Globalfoundries Inc Client Communications
United Arab Emirates Parent Company Communications owns GLOBALFOUNDRIES Singapore Client Communications
Vista Eq Partners Mgmt LLC Parent Company Communications owns Consona Corp Client Communications
Voith GmbH Parent Company Agriculture and Forestry owns Voith Paper China Co Ltd Client Agriculture and Forestry
Votorantim SA Parent Company Construction owns Votorantim Cimentos SA Client Construction
VST Holdings Ltd Parent Company Communications owns Ecs (Shanghai) Mgmt Co Ltd Client Communications
WH Group Ltd Parent Company Agriculture and Forestry owns Smithfield Foods Inc Client Agriculture and Forestry
Woodbridge Co Ltd Parent Company Communications owns Refinitiv Client Communications
Yamada Consulting Group Co Ltd Parent Company Agriculture and Forestry owns Vox Trading Co Ltd Client Agriculture and Forestry
Yinson Holdings Bhd Parent Company Construction owns Yinson Prodn (W Africa) Pte Client Construction
Yoshimoto Parent Company Communications owns Unipulse Corp Client Communications
Zuivelcooperatie Parent Company Agriculture and Forestry owns FrieslandCampina Investments Client Agriculture and Forestry

Contact Information

Bank of Ayudhya Public Company Ltd.
Duangkhae Khunviseadpong
Senior vice president head of department
+66 (0) 2296 5307
duangkhae.khunviseadpong@krungsri.com
1222 Rama III Road, Bang Phongphang, Yan Nawa, Bangkok 10120 Thailand
https://www.krungsri.com/bank/en/Contact/CU/ContactUs.html 

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/