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Summary of Project Information (SPI) |
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| Project number | 7350 |
| Project name | Banco Frances del Rio de la Plata S.A. - Credit Line |
| Country | Argentina |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | BBVA Banco Frances S.A. |
| Environmental category | FI |
| Date disclosed | March 6, 1996 |
| Status | Completed |
| Previous Events | Invested: December 2, 1996
Signed: November 8, 1996
Approved: March 27, 1996 |
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REVISED Summary Of Project Information (SPI)
| Project Name | Argentina-Banco Frances |
| Underwriting & Project Finance Credit Line |
| Region | Latin America and the Caribbean |
Sector
Project No007350
Projected Board DateMarch 28, 1996
Company NameBanco Frances del Rio de la Plata S.A. (Frances)
Technical Partner and/or Major Shareholders
Frances is 70% publicly held, with listings on both the Buenos Aires Stock Exchange and the New York Stock Exchange through an ADR (American Depository Receipt). The remaining 30% is held by Sud America Inversiones.
Project Cost Including proposed IFC investment
Total Project Cost: US$40 million
Location of project and Description of site
Buenos Aires, Argentina
Description of Company and Purpose of Project
The project involves a US$40 million credit line for Underwriting Operations and Project Finance. IFC’s resources would support the further development of Frances’ local underwriting operations and project finance lending for middle-market, second-tier and privatized companies in Argentina. The project would provide scarce longer term financing to Argentina’s private sector.
Frances is the third largest local private bank in Argentina and is widely regarded as one of the strongest and soundest banks in the system. As at December 31, 1995, Frances had total assets of US$2.7 billion. Frances is 70% publicly listed, with listings on both the Buenos Aires Stock Exchange and the New York Stock Exchange through an ADR (American Depository Receipt). The remaining 30% is held by Sud America Inversiones.
Environmental Category and Issues
This is an environmental review category FI project. Frances will be required to undertake an environmental review of projects financed through this facility. IFC will assess Frances’ capability to carry out environmental reviews.
Date SPI sent to PIC:
Revised: | March 6, 1996
March 7, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365 |
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