SRT Santander Br (IFC-48986)

Regions
  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
Countries
  • Brazil
Geographic location where the impacts of the investment may be experienced.
Specific Location
Uninformed
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
B
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
Dec 14, 2023
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
SRT Santander Brasil
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)
$ 143.85 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.
Community Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 17, 2024

Disclosed by Bank Nov 10, 2023

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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.

The proposed investment consists of an up to 5-year Synthetic Risk Transfer (“SRT”) that IFC is analysing to provide approximately BRL706 million (US$141 million) unfunded guarantee to Banco Santander Brasil S.A. (“Santander Brazil” or “the Bank”), an existing IFC client since 2009. The guarantee will cover the credit risk of a portfolio of approximately BRL6.3 billion (US$1.2 billion) of a majority of trade finance loans. The project aims to expand access to climate finance, as the Bank will redeploy capital savings to increase its climate finance portfolio (the “Project”).

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The IFC categorized the project risk as FI-2.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

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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.

According to the IFC, Santander Brazil is the third largest private bank in Brazil and the only international bank with material scale in the country. With a wide branch network comprised of more than 2,700 branches and points of sales, Santander has a relevant presence in both the retail and wholesale businesses.

Santander Brazil is directly and indirectly controlled by Banco Santander S.A. (89.5%), through its subsidiaries Grupo Empresarial Santander and Sterrebeeck B.V. The Bank is publicly traded in Brazil at the B3 S.A. – Brasil, Bolsa, Balcão stock exchange, with a total free float of 9.62%, and in the United States in the New York stock exchange.


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.

Banco Santander Brasil S.A.
Rafael Fiusa Kakimoto
Head of Capital Management and Profitability
+55 11 981748167
rkakimoto@santander.com.br
Brazil, São Paulo. Avenida Juscelino Kubitschek, 2235 e 224, Zip Code: 13571-410

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries.

 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly,  you can submit a complaint at the link above to IFC’s Access to Information Policy Advisor, who reports directly to IFC’s Executive Vice President.

 

 

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/

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How it works