Company name
Banco Davivienda Salvadoreño, S.A.
Project number
ES3419A-01
FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.
E&S category
FI-2
Country
El Salvador
Sector
Financial Institutions
Status
Completed
Disclosed date
07/29/2014
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
11/06/2014
Approval date
08/05/2014
Signed date
09/19/2014
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
N/A
Financing amount
USD $ 10,000,000
Currency
USD
Project scope and objective
The proceeds of this IIC loan to Davivienda ES will be used to provide financing to eligible small and medium-sized enterprises (SMEs) in El Salvador in various sectors of its economy.
The financial institution was established as a public bank and was one of the first banks of any kind in the country. It led the way in establishing and developing the Salvadorian financial system and was responsible for issuing the national currency.
Toward the beginning of 2006, it was acquired by the Banistmo group. By the end of that year, the Banistmo group was itself acquired by the international financial group HSBC, which changed the bank’s name to to Banco HSBC Salvadoreño. Finally, in 2012, the bank was acquired by Colombia-based Banco Davivienda and became Banco Davivienda Salvadoreño S.A., or Davivienda El Salvador, currently the second largest bank in the local financial system in terms of assets.
Davivienda ES has 57 branches throughout the country, 11 in-house mini branches for corporate clients, 12 express branches, a mortgage lending center, and 255 automatic teller machines.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(292) 623-3952.
For inquiries, comments and information requests about the project
Request informationLearn more about how we provide private-sector solutions in the region .