Santiago, Chile, October 23, 2023. The International Finance Corporation (IFC), a member of the World Bank Group, announced the signing of a senior loan of US$250 million to Banco Consorcio S.A. to finance housing loans in Chile, with a strong focus on women.
The loan aims to improve the quality and inclusiveness of the Bank's services and expand access to finance for mortgage lending, especially for women. Most single-parent households are headed by women, which is a growing trend in Chile. With a 5-year tenor and 3-year grace period, the loan will also help Banco Consorcio increase its long-term financing and improve its maturity mismatch to support further portfolio growth.
"We value our long-term partnership with Banco Consorcio.Supporting the social and economic empowerment of women through this gender focused loan will help strengthen our strategic alignment with Banco Consorcio", commented Manuela Adl, IFC's Senior Regional Manager. "At IFC, we aim to help make the Chilean financial sector more inclusive, demonstrating the financial viability of having a gender focus for mortgage lending to encourage replication by other banks".
"The purpose of the funds is to continue financing the growth of the bank's loans, with a focus on mortgage financing for women, as well as on diversifying our sources of financing," said Banco Consorcio's CEO, Ignacio Ossa. "We share with the IFC a broad view of banking management".
The investment is also aligned with the World Bank's gender strategy, which calls for removing barriers to women's ownership and control of assets and bridging gender inequality gaps identified as a cross-cutting challenge affecting private sector productivity in Chile. As of June 2023, only 23 percent of the banking system's commercial loans and 41 percent of mortgage loans were destined for women.
IFC and IFC Asset Management Company (AMC) together own 4.1 percent of Consorcio Financiero S.A., Banco Consorcio's parent company.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, the IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
The loan aims to improve the quality and inclusiveness of the Bank's services and expand access to finance for mortgage lending, especially for women. Most single-parent households are headed by women, which is a growing trend in Chile. With a 5-year tenor and 3-year grace period, the loan will also help Banco Consorcio increase its long-term financing and improve its maturity mismatch to support further portfolio growth.
"We value our long-term partnership with Banco Consorcio.Supporting the social and economic empowerment of women through this gender focused loan will help strengthen our strategic alignment with Banco Consorcio", commented Manuela Adl, IFC's Senior Regional Manager. "At IFC, we aim to help make the Chilean financial sector more inclusive, demonstrating the financial viability of having a gender focus for mortgage lending to encourage replication by other banks".
"The purpose of the funds is to continue financing the growth of the bank's loans, with a focus on mortgage financing for women, as well as on diversifying our sources of financing," said Banco Consorcio's CEO, Ignacio Ossa. "We share with the IFC a broad view of banking management".
The investment is also aligned with the World Bank's gender strategy, which calls for removing barriers to women's ownership and control of assets and bridging gender inequality gaps identified as a cross-cutting challenge affecting private sector productivity in Chile. As of June 2023, only 23 percent of the banking system's commercial loans and 41 percent of mortgage loans were destined for women.
IFC and IFC Asset Management Company (AMC) together own 4.1 percent of Consorcio Financiero S.A., Banco Consorcio's parent company.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, the IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
Stay Connected with IFC on social media
About Banco Consorcio
Banco Consorcio is a universal, modern and approachable bank, which offers a variety of top-level financial services to its personal and corporate banking, in addition to brokerage services, allowing customers to meet their financing, savings and payment needs, through a personalized and digital experience. With more than 1,000 employees and, at the end of 202, assets amounted to CLP 7,939,144 million, loans for a total of CLP 4,741,673 million and equity of CLP 648,180 million. Particularly noteworthy is the 22% growth in the mortgage business, which reached loans of CLP 1,852,013 million. For more information, visit www.bancoconsorcio.cl
Banco Consorcio is a universal, modern and approachable bank, which offers a variety of top-level financial services to its personal and corporate banking, in addition to brokerage services, allowing customers to meet their financing, savings and payment needs, through a personalized and digital experience. With more than 1,000 employees and, at the end of 202, assets amounted to CLP 7,939,144 million, loans for a total of CLP 4,741,673 million and equity of CLP 648,180 million. Particularly noteworthy is the 22% growth in the mortgage business, which reached loans of CLP 1,852,013 million. For more information, visit www.bancoconsorcio.cl
Contacts
Stay Informed
Sign up to have customizable news & updates sent to you.