IIC renews its commitment to Banco Bilbao Vizcaya Argentaria Paraguay S.A. by approving an A/B loan of up to US$65 million
Washington, D.C. – On November 8, 2011, the Inter-American Investment Corporation (IIC) approved a loan to Banco Bilbao Vizcaya Argentaria Paraguay S.A. (BBVA Paraguay) for a total of up to US$65 million, comprising an A Loan of up to US$15 million and a B Loan of up to US$50 million, to provide financing to SMEs in Paraguay.
This is the IIC’s second operation with BBVA Paraguay. The first loan provided financing to more than 60 SMEs and helped strengthen and consolidate BBVA Paraguay.
According to José Quiñones, the IIC’s investment officer in charge of the loan, "This operation will further cement the IIC’s relationship with BBVA Paraguay, given that both institutions promote SME development. The loan will make it possible for the Bank to offer loans on longer terms and meet the financing needs of SMEs in the form of working capital and the purchase of fixed assets, thus supporting their strategies of growth and competitiveness at the international level."About BBVA Paraguay
BBVA Paraguay has been operating in Paraguay since 1961. Until 2005, BBVA Paraguay had focused on the corporate segment, working primarily with the farming and industrial sectors. Beginning in 2006, the Bank decided to increase its market share in the SME segment, and by 2007 began to move into the consumer loan segment.
The Bank’s loan portfolio comprises three large groups: the corporate sector (70%); the SME sector (20%); and the retail banking sector (10%), which includes consumer loans, mortgages, and credit cards. BBVA Paraguay is among Paraguay’s largest banks, with a market share of 16.3% and 13.0% in placements and deposits as of June 30, 2011. Last year, the Bank increased its branch offices by 44% (23 in all) and staff by 27% (432 employees), as part of its deliberate strategy to increase its share of the SME and retail banking segments. For more information on BBVA Paraguay, visit www.BBVAparaguay.comAbout 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$1.43 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: José Quiñones
Telephone: + (511) 215-1839