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Sogebank
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 26167
Company nameSogebank
Country
Haiti
Sector1Commercial Banking - General
Environmental categoryFI
Department
StatusActive
Date SPI disclosedFebruary 4, 2008
Projected board dateMarch 14, 2008
Previous EventsInvested: September 25, 2009
Signed: June 23, 2009
Approved: May 21, 2009
  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
The proposed project is a comprehensive investment and advisory services program for Sogebank (or the Bank), the largest banking group in the Republic of Haiti with total assets of approximately $750 million. In a country were only 1% of the population has access to formal credit, the support of IFC in one of the soundest financial institutions will help improve access to finance by the population by promoting the creation of new products, increasing the lending capacity of the institution and promoting greater competitiveness and efficiency in the local market. IFC’s investment would include equity in the Bank as well as guarantees for trade confirmation lines.

Sogebank is the leading bank in Haiti, with market shares of 28% and 34% in loans and deposits respectively. The Bank is a commercial bank with activities spanning retail and corporate banking, SME and microfinance, remittance distribution, and factoring which are operated as independent businesses through separate subsidiaries. Sogebank was founded in 1986 by a group a Haitian businessmen who took over the operations of the former Royal Bank of Canada, which was present in Haiti since 1917.

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