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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.
BANCO UNICO, SA
Commercial Banking - General
Date SPI disclosed
May 24, 2011
Projected board date
June 30, 2011
The project entails an equity investment for a 10% stake in Banco Único, SA (“Banco Unico” or the Bank) and a senior loan to the Bank of up to $15 million.
Banco Unico is a greenfield commercial bank in Mozambique expected to start operations in 2011. The Bank will operate a universal bank business model and aims to enter regional areas and other client segments that are not yet well served by Mozambican banks.
The purpose of the project is to demonstrate IFC’s commitment to financial markets development and increased access to finance in Mozambique, an International Development Association (“IDA”) country, and support the local economy through private-sector development.
Project sponsor and major shareholders of project company
Banco Unico’s key sponsor is Grupo Américo Amorim (“Amorim”), a diversified investment group headquartered in Mozelos, Portugal. Amorim’s investment track record in banks include (i) founder of Banco Português de Investimento; (ii) founder of Millennium BCP; (iii) founder of Banco Nacional de Crédito; (iv) largest private shareholder of Banco Popular Español, S.A.; (v) founder and key shareholder of Banco BIC Angola; and (vi) founder and key shareholder of Banco BIC Portugal.
Banco Unico’s shareholders will include:
Gevisar (51%): 70% owned by Amorim Financial Sector and 30% owned by Visabeira, a Portuguese group present in Mozambique for more than 20 years and shareholder of Portugal Telecom, Electricidade de Portugal and ZON Multimédia;
Banco Unico’s senior management (20%);
SF Holdings (13%); and
Other shareholders (6%).
Total project cost and amount and nature of IFC's investment
The proposed project is an equity investment of up to $4 million and a senior loan of up to $15 million equivalent in Mozambican Metical for IFC’s own account.
Location of project and description of site
Banco Unico is a greenfield bank to be headquartered in Maputo, Mozambique and will have a selected branch network throughout Mozambique. In 2009, Mozambique had a population of 22.9 million and a gross domestic product (“GDP”) of $9.8 billion.
Anticipated development impact of the project
The proposed investment is expected to have a high development impact in Mozambique, as follows:
Promote economic development and increase local employment: Banco Unico is expected to have a significant impact on Mozambique’s economic development as the Bank would be providing financing and savings instruments to Small and Medium-sized Enterprises (“SMEs”), corporate and consumers.
Increase access to finance to “unbanked” segments of the Mozambican population: Banco Unico expects to introduce new banking products and alternative distribution channels that will facilitate the financial inclusion of the poor and people living in rural areas of Mozambique.
Promote competition: Mozambique’s banking sector is concentrated with about 90% of banking assets collectively held by four commercial banks. The successful development of Banco Unico would allow for reduced concentration in the industry and promote competition within the sector.
Improve market confidence: An IFC equity investment into Banco Unico would send positive signals and improve confidence in the banking sector.
IFC's expected development contribution
IFC’s additionality in the project would stem from its ability to offer Banco Unico a long-term partnership and capital strength needed to operate in an economy in which financial services development is becoming increasingly important to sustain economic growth.
IFC’s additionality would include the following aspects:
Corporate governance: IFC is seen as an independent and objective advisor with an interest in institution building.
Capacity building: The project also provides an opportunity for IFC to help strengthen the institutional capacity of a new bank in Mozambique. The project will assist Banco Unico’s institutional capacity building by sharing IFC’s expertise particularly in Risk Management, including monitoring and enforcing compliance to best financial, environmental and social practices as well as compliance with the Anti-Money Laundering and Combatting the Financing of Terrorism (“AML/CFT”) policies.
Advisory Services: IFC would also provide advisory services to Banco Unico to support this Bank’s introduction of new banking products and alternative distribution models that will facilitate the financial inclusion of the poor and people living in rural areas of Mozambique.
Environmental and social issues - Category FI
This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. During appraisal, IFC will analyze the activities proposed to be supported with IFC financing for types of transactions, size, tenor and industry sectors and determine the Applicable Performance Requirements, that would include a combination of the IFC Exclusion List, the applicable National Social and Environmental Laws and regulations, and where applicable the IFC Performance Standards. IFC will also review the capacity of the FI to manage social and environmental risk and establish and maintain a Social and Environmental Management System (SEMS). If required, IFC will suggest Supplemental Actions to address any gaps in the SEMS. Based on the review the project will be required to: (i) Develop a Social & Environmental Management System (SEMS), prior to disbursement to the satisfaction of IFC, (ii) Identify responsible, qualified persons to manage and implement the SEMS, (iii) Commit to implement the SEMS, to ensure that its activities are in compliance with the Applicable Performance Requirements, (iv) Demonstrate commitment to applying the labor standards established by the IFC Performance Standard 2: Labor and Working Conditions, and (v) Submit a periodic report to IFC as per a format to be provided by IFC.
For inquiries about the project, contact:
Mr. João Figueiredo, CEO
Banco Unico, SA
Av. Julius Nyerere nº 3412 / piso 1 – Maputo, Moçambique
Tel. +258 21 241498
Fax +258 21 241464
For inquiries and comments about IFC, contact:
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433