BANCO PICHINCHA C.A
Status: Approved investmentWhy disclosure?
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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
A longstanding client of FMO since 2011, Banco Pichincha (“the Bank”, “Pichincha”) is the largest universal bank in Ecuador (TA USD 13.6bln, Equity USD 1.3bln) with a market share of 26.4% of loans and 27.2% of deposits in the system (Jun-22) and its business activities centered in three main segments: Personal Banking, Corporate Banking and Microfinance.
What is our funding objective?
FMO’s total loan of USD 25mln will be partly dedicated to financing women-owned SMEs and partly to financing green clients or green projects, thereby contributing to reducing inequalities and addressing climate change.
Why do we fund this investment?
FMO’s funding will ultimately increase access to finance for women-owned SMEs and Green projects in Ecuador in various sectors of the economy. Through this facility, FMO realizes its strategic goals to support female entrepreneurs and promote Green finance in Ecuador and to catalyze other investors as the FMO loan is part of a larger syndicated loan facility arranged by FMO. Given the current macroeconomic situation in Ecuador, providing up to 5-year financing is highly additional.
What is the Environmental and Social categorization rationale?
Pichincha is an FI E&S category B client, given its business activities and portfolio exposure. One of Pichincha’s main strategic pillars is its commitment to pioneering financial inclusion and sustainability for which it received several awards. As a result, the bank is committed to continuously grow its green line credit portfolio, implement its gender finance strategy and continuously improving its ESG standards and practices.
More investments
| Date | Total FMO financing |
|---|---|
| 12/11/2023 | USD 23.29 MLN |
| 10/24/2024 | USD 25.00 MLN |
| 8/16/2022 | USD 20.00 MLN |
| 8/16/2022 | USD 20.00 MLN |
- Website customer/investment
- http://www.pichincha.com
- Region
- Latin America & The Caribbean
- Country
- Ecuador
- Sector
- Financial Institutions
- Publication date
- 10/3/2022
- Effective date
- 11/28/2022
- 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