Sogebank seeks US$7mn from IFC
Bnamericas Published: Tuesday, February 05, 2008
Haiti's largest bank Sogebank is looking for equity investment of up to US$7mn, equivalent to a 10% stake in the bank, from IFC, the latter said on its website. Sogebank is also seeking to benefit from a trade finance guarantee facility of up to US$10mn, which would be under IFC's Global Trade Finance Program. IFC said its financial support to Sogebank will help improve access to financial services in Haiti, where only 1% of the population has access to formal credit. Sogebank, with assets of US$750mn, has market shares of 28% and 34% in loans and deposits respectively, according to IFC. The IFC board is due to review the request on March 14.
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