Multibank, Inc. receives loan of up to US$6 million from IIC
11/02/2010Financing will create effective mechanisms for channeling loans to small and medium-size enterprises in Panama
Washington, D.C. - The Inter-American Investment Corporation (IIC) approved a loan of up to US$6 million to Multibank, Inc., for financing Panamanian SMEs through leasing and factoring operations and working capital financing, as well as financing housing for Panamanian citizens.
According to Isaac Btesh, Multibank’s chief executive officer, "This new financing relationship with the IIC will enable us to increase lending to our Panamanian small and medium-size enterprise and individual clients, by providing them with financing to meet their needs, with tailor-made terms and costs."
"With this operation the IIC is supporting Multibank’s growth and positioning strategy in Panama by providing it with stable tools and creating effective mechanisms for channeling loans to small and medium-size enterprises. This will improve access to appropriate sources of credit for SMEs, where there is still a large potential market of companies with unmet needs," said Sandra Reyes, IIC Investment Officer in charge of the operation.
About Multibank, Inc.
Multibank is the third largest private bank in Panama. The institution was established in 1969 as a small loan company. It became Multi Credit Bank, a general license bank, in 1990 and developed its target market: microenterprises and SMEs. Following its vision to diversify its portfolio and sources of revenue, the bank underwent a successful restructuring in 2005, implementing a strategic plan to become a universal bank.
Multibank offers a growing variety of banking services to small and medium-size enterprises, large clients, and individuals. It has 25 branches in Panama and 60 ATMs, and it is expanding internationally with its 40 financing agencies in Colombia. Multibank’s controlling share is held by a well-known Panamanian family. For more information on Multibank, please visit www.multibank.com.pa
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 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
Contact: Sandra Reyes (in Colombia)
Telephone: + (571) 325-7053