IIC approves an A/B loan for up to US$100 million for Banco Pine S.A. in Brazil
11/08/2010Washington, D.C. – On November 9, 2010, the Inter-American Investment Corporation (IIC) approved a loan to Banco Pine S.A. for a total of up to US$100 million. It consists of an A loan for up to US$15 million to be financed by the IIC and a B loan for up to US$85 million.
The loan funds will enable Banco Pine to grant subloans to finance SMEs in Brazil, supporting eligible enterprises in productive sectors such as manufacturing, agribusiness, services, and trade. The funds will be used primarily to finance the purchase of fixed assets and machinery for eligible enterprises as well as working capital.
According to Santiago Cat, IIC Investment Officer in charge of the operation, "There is demand among SMEs in Brazil for loans to adequately finance their activities, helping to increase their productive capacities and compete under better conditions. In addition, the IIC is encouraging Banco Pine to increase its portfolio in northeastern Brazil in order to increase the competitiveness and development of SMEs in that region, because there is great market potential to be tapped among these companies."
About Banco Pine S.A.
Banco Pine was founded in 1997 and has specialized in credit to medium-sized Brazilian companies, acting through secured structured operations. It also offers financial and strategic consulting services, treasury and investment products, and Banco Nacional de Desenvolvimento Económico e Social (BNDES) onlending lines.
Its business model is based on niche markets with potential for growth and profitability, generation of good quality assets, and prudent credit, control, and liquidity policies. Its strategy consists of knowing its clients’ needs, offering a full range of lending products in both domestic and foreign currency. For more information on Banco Pine, please visit www.bancopine.com.br
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
Press Release also available in Portuguese
Contact: Santiago Cat (in Uruguay)
Telephone: + (598) 2915-3696