Banco Internacional S.A.
The funds will go toward financing for small and medium-sized enterprises in Ecuador in the form of medium- and long-term loans for modernizing and/or expanding these companies or for working capital.
The Bank was founded in Quito in 1973. As of June 2015, Banco Internacional held assets worth US$2.7 billion and held an 8.5% market share by assets. The Bank serves the entire country, with 87 service points and a presence in 17 provinces and 28 cities in the coastal, mountain, and Amazonian regions. It has 1,200 employees and a network of more than 350 ATMs. As of the end of 2014, it had 500,000 clients. The Bank’s portfolio breakdown as of June 2015 was as follows: 80% corporate lending; 16% consumer lending; and 4% mortgage lending.
This is a category IF-2 project according to the IIC’s Environmental and Social Sustainability Policy because of the medium risk of the subprojects in the financial intermediary’s current or future portfolio. In order for Banco Internacional S.A. to gain a better understanding of the IIC’s environmental requirements, a representative of the Bank will attend an IIC or IIC-approved training session on this issue designed for financial entities. Each subproject financed with IIC funds will be subject to an environmental review and comply with national environmental and occupational safety standards and IIC environmental guidelines. The Bank will also apply the IIC’s list of exclusions for the use of its resources. The Bank will be required to submit annual environmental reports to the IIC detailing the progress made and/or improvements in the adoption of the Environmental Management System, as well as the problems identified during the implementation of that system.