Banco Pichincha C.A
Status: Completed investmentWhy disclosure?
FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more
In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Banco Pichincha C.A. is Ecuador’s largest bank with a history of more than 100 years. It accounts for about a third of the banking system’s assets. Pichincha has a diverse business model and has a large retail customer base. The bank also has a stable and diversified deposit funding base. The group has a presence in five other countries, Ecuador, Peru, the U.S. (a branch in Miami), Colombia and Spain. Pichincha has been an anchor FMO client in Ecuador since 2011.
What is our funding objective?
FMO arranged a USD 70 mln syndicated facility and participates for USD 22 mln for its own account.. The facility will be subordinated such that it qualifies as Tier 2 capital for Banco Pichincha regulatory capital. The proceeds of the loan will further be earmarked to finance women-owned SMEs.
Why do we fund this investment?
This loan will be earmarked for financing of female SMEs to support reducing inequalities and gender equality.
What is the Environmental and Social categorization rationale?
FI Category B due to the amount of IFC PS triggered transactions in Pichincha’s portfolio. The client has agreed to expand the scope of its ESMS by including the IFC PS framework.
More investments
| Date | Total FMO financing |
|---|---|
| 12/11/2023 | USD 23.29 MLN |
| 11/28/2022 | USD 25.00 MLN |
| 8/16/2022 | USD 20.00 MLN |
| 8/16/2022 | USD 20.00 MLN |
- Website customer/investment
- https://www.pichincha.com
- Region
- Latin America & The Caribbean
- Country
- Ecuador
- Sector
- Financial Institutions
- Publication date
- 6/7/2018
- Effective date
- 12/11/2018
- End date
- 10/24/2024
- Total FMO financing
- USD 25.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B