Banco Itaú Chile

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Project Number: 
CH3882A-01
Expected Consideration Date by the Board: 
04/23/2013
Date Posted: 
03/22/2013
Company: 
Banco Itaú Chile
Sponsoring Entity: 
Not applicable
Sector: 
Financial Services
Location: 
Santiago
Country: 
Scope Objective: 

The project consists of a loan to Banco Itaú Chile. The purpose of this project is to finance Eligible Projects via subloans to Eligible Enterprises in Chile. Subloans will provide SMEs with financing—mainly short- and medium-term—for general corporate purposes, including leasing and working capital. The assets or annual income of Eligible Enterprises that receive financing with a portion of the loan shall not exceed US$20 million.

Environmental Review: 

 Environmental and Labor Issues: 

Banco Itaú Chile is part of a conglomerate of financial institutions owned by Itaú Unibanco Holding S.A., which also owns 100% of Brazil’s Itaú Unibanco S.A., the first bank in an emerging market to adopt the Equator Principles (June 2004). Furthermore, in 2012 Itaú Unibanco received the Financial Times award for Sustainable Bank of the Year in the Emerging Markets category for the fourth consecutive year. Itaú Unibanco is the only Latin American financial institution to have been selected for listing on the Dow Jones Sustainability World Index (DJSI World) since the launch of the Index and has been listed for more than ten consecutive years (1999-2011). Over the past few years, Itaú Unibanco has collaborated with the IIC by sharing its experiences in the IIC environmental training workshops for financial intermediaries, which are held annually 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 attended the IIC environmental training workshop for financial intermediaries and agrees to retain on its staff at least one employee who has attended that workshop. Each subproject will continue to be subject to an environmental review and must comply with national environmental and labor laws, regulations, and standards as well as IIC environmental guidelines.