Multibank began operations in 1990 under a general banking license issued by the Panamanian banking authority, Superintendencia de Bancos de Panamá. From the beginning, Multibank has focused on providing banking services to small and medium-size companies, but it also provides personal banking services. In 2005, Multibank began a process to become a universal bank, opening branches, expanding its product portfolio, and expanding services to its clients.
Multibank’s management team includes top-rated executives and professionals with several years of experience in the banking sector, who have worked to position the bank in the Panamanian market.
The project consists of providing Multibank with a loan of up to US$6 million for financing Panamanian SMEs and/or residential housing for middle- and low-income individuals. In the case of residential housing, subloan beneficiaries shall be individuals who are residents and citizens of Panama and who will live in the housing unit themselves.
Environmental and Labor Issues:
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. To enable the Borrower to better understand the IIC's requirements, Multibank shall be required to attend the IIC financial intermediary environmental training workshop. Each subproject will be subject to an environmental review and must comply with national environmental and labor laws, regulations, and standards as well as IIC environmental guidelines.