Banco Santander (México)
The project consists of a loan to Banco Santander (México), S.A. (the “Bank”). The objective of this project is to finance eligible projects via subloans to eligible enterprises in Mexico. Subloans will provide small and medium-sized enterprises with financing—mainly short- and medium-term—for general corporate purposes, including working capital. Eligible enterprises financed with a portion of the loan shall not exceed US$10 million in assets or annual revenues.
The Bank is part of Grupo Financiero Santander México, S.A.B. de C.V., an institution that is 74.97% owned by Banco Santander, S.A. España. The Bank has an environmental management system that was recertified by AENOR in January 2012, confirming that the EMS was operating efficiently.
Environmental and Labor Issues:
This is a category FI-2 project according to the IIC’s Environmental and Social Sustainability Policy (“IIC Sustainability Policy”) because the subprojects in the financial intermediary’s current or future portfolio are considered medium risk. To enable the Borrower to better understand the IIC’s requirements, the Bank shall be required to attend the IIC environmental training workshop for financial intermediaries. Each subproject will be subject to an environmental review and must comply with domestic environmental and labor laws, regulations, and standards, as well as IIC environmental guidelines. The Bank has reaffirmed its commitment to the environment by instituting an environmental policy and an environmental management system and by obtaining ISO 14001:2004 certification for its Corporativo Centro Santa Fe, in Mexico City.