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Summary of Project Information (SPI) |
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| Project number | 8999 |
| Project name | Banque Saradar Equity |
| Country | Lebanon |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Banque Saradar S.A.L. |
| Environmental category | FI |
| Date disclosed | May 8, 1998 |
| Status | Completed |
| Previous Events | Invested: June 9, 1999
Signed: December 14, 1998
Approved: November 4, 1998 |
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Summary Of Project Information (SPI)
| Project Name | Lebanon - Banque Saradar Equity |
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| Region | Central Asia, Middle East and North Africa |
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Project No008999
Projected Board DateJune 15, 1998
Company NameBanque Saradar S.A.L.
Technical Partner and/or Major Shareholders
Saradar Group
Project Cost Including proposed IFC investment
USD 110 million, including an IFC equity participation of up to $10 million for a stake of up to 10% in Banque Saradar S.A.L.
Location of project and Description of site
Lebanon
Description of Company and Purpose of Project
The project involves taking an equity participation up to 10% in Banque Saradar S.A.L. in conjuction with FMO of the Netherlands. IFC's investment will be in the context of a capital increase. This would provide Saradar the resources to increase its lending activities, expand its branch network via acquisitions, as well as consolidate its sister institution Banque Saradar France. This project will help bring new ownership to the Lebanese banking sector, diversify sources of capital in the system, and increase available resources for future expansion.
Environmental Category and Issues
This is a Category C project according to IFC's environmental review procedure. In addition, the Bank must attend IFC's workshops on environmental management; for relevant operations, implement an environmental management system (policy, procedure, and designated staff to conduct reviews) to ensure that such operations comply with host country environmental requirements; and submit an annual environmental performance report briefly describing environmental aspects of relevant operations. from the Public Information Center.
| Date SPI sent to PIC | May 7, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
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