Project Name: Itau Unibanco S.A. IV
Project Number: BR3374A-03
Country: Brazil
Sector: Financial Services
Approval Date: 10/05/2010
Date of First Disbursement: 03/25/2011
Type of Financing: Loan
Total Project Cost: USD $280,000,000
IIC Financing Amount: USD $40,000,000
Investment Officers:
Rincon, Margarita
Oradei-Bayz, Laura
Echeverri, Ana Rosa
Project Attorney: Abreu, Lucia
Environmental Engineer: Varela, Felipe
Additionality Officer: Riley, Joanne
Project Name: Itaú Unibanco S.A.
Expected Consideration Date by the Board: 09/07/2010
Date Posted: 07/26/2010
Company: Itaú Unibanco S.A.
Scope Objective:
The project consists of a Loan to Itaú Unibanco S.A. ("Itaú Unibanco"). The objective of this project is to finance Eligible Projects via subloans to Eligible Enterprises in Brazil. These will be small and medium-sized companies located in Brazil that require the funding primarily for short- or medium-term financing for general corporate purposes, including working capital and leasing. Eligible Enterprises financed with a portion of the Loan shall not exceed US$20 million in assets or yearly revenue.
Environmental Review:
Environmental and Labor Issues:
Itaú Unibanco was the first emerging market bank to adopt the Equator Principles (June 2004). In addition, in 2009 and 2010 Itaú Unibanco was awarded the Financial Times Emerging Markets Sustainable Bank of the Year award. 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 ten consecutive years: 1999-2009). Over the past few years, Itaú Unibanco has also collaborated with the IIC to share its experience as a guest speaker at the IIC’s environmental risk management courses held every year for the financial sector throughout Latin America and the Caribbean.
This is a category III project according to the IIC’s environmental and labor review procedure because it could produce certain effects that may be avoided or mitigated by following generally recognized performance standards, guidelines, or design criteria. Itaú Unibanco has actively participated in the IIC financial intermediary environmental training workshop and agrees to retain on its staff at least one employee who attended said workshop. Itaú Unibanco will continue to conduct environmental reviews of the sub-projects to ensure compliance with national environmental and labor laws, regulations, and standards as well as IIC environmental guidelines.
