IIC Approves A/B Loan of up to US$40 Million for Banco Itaú Argentina S.A.

12/01/2011

Washington, D.C. — On November 29, 2011, the Inter-American Investment Corporation (IIC) approved a loan to Banco Itaú Argentina S.A. for up to US$40 million. The proceeds of the loan will be used to finance SMEs in a variety of productive sectors.

The operation comprises an A loan of up to US$10 million, to be financed by the IIC, and a B loan of up to US$30 million, to be financed by participant financial institutions acceptable to the IIC.

According to Piedad Acuña, the IIC investment officer in charge of the operation, "With this loan the IIC will support SMEs in Argentina by helping them meet their medium-term financial needs for working capital and acquire fixed assets. The loan will be used to finance SMEs mainly in the agricultural and manufacturing sectors."

 

About Banco Itaú in the world

Itaú Unibanco is a conglomerate ranking among the ten largest financial institutions in the world in terms of market value, with US$7.98 billion in net earnings in 2010. It has a strong regional presence, with business operations in all the MERCOSUR countries, as well as in North and Central America, Europe, and Asia. Its network of branches and customer service centers comprises more than 4,900 points of sale.

About Banco Itaú Argentina

Banco Itaú has a network of 81 branches covering the metropolitan area of Buenos Aires, La Plata, Mar del Plata, Rosario, Mendoza, Córdoba, Tucumán, Salta, and Neuquén, in addition to 23 on-site offices in the main companies in the country. It also has one of the country’s largest ATM networks (approximately 180). For more information on Banco Itaú Argentina, visit www.itau.com.ar.

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved 49 operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, visit www.iic.org

Contact: Piedad Acuña

Telephone: + (571) 325-7055

Email: piedada@iadb.org