IIC approves loan to Itaú Unibanco S.A. in Brazil
Washington, D.C. - The Inter-American Investment Corporation (IIC) approved a loan to Itaú Unibanco S.A. in Brazil. This is the IIC’s fourth operation with Itaú Unibanco, and it will continue to strengthen the strategic relationship between the institutions.
Loan proceeds will be used to provide financing to Brazilian SMEs in many productive sectors such as manufacturing, agribusiness, services, and commerce. The subloans will provide SMEs with financing, mainly short- and medium-term, for general corporate purposes, including leasing and working capital.
According to Margarita Rincón, IIC Investment Officer in charge of the operation, "SMEs form a large potential market of companies to be served with different types of financing. Therefore, with this operation the IIC will continue to support SMEs in Brazil by providing them with access to adequate sources of credit. Itaú Unibanco has focused its loan placements on SMEs, and the loan will contribute to the bank’s growth in that sector."
Itaú Unibanco S.A. was established in 1924 and increased its presence in the market through various mergers and acquisitions beginning in the 1960s. Itaú Unibanco was the first emerging market bank to adopt the Equator Principles (June 2004) and in 2009 and 2010 it was awarded the Financial Times/IFC Emerging Markets and Latin American Sustainable Bank of the Year awards. Itaú Unibanco is the only Latin American financial institution that has been selected for the Dow Jones Sustainability World Index (DJSI World) since its first edition. For more information on Itaú Unibanco, please visit www.itau.com.br.
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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Press Release also available in Portuguese
Contact: Margarita Rincón (in Colombia)
Telephone: + (571) 325-7054