Bansud S.A. - Credit Line (formerly Banco del Sud S.A.)

completed

SUMMARY OF PROJECT INFORMATION (SPI) Project Name Argentina-Banco del Sud, S.ARegion Latin America and CaribbeanSector FinanceProject No 004741Projected Board Date June 27, 1995Company Name Banco del Sud, S.A.Technical Partner and/or Major Shareholders Banco del Sud''s shareholders include seven Argentine individuals, of which six are directors of the Bank (40.30%), Banco Nacional de Mexico, S.A., one of Mexico''s two largest banks (43.56%), and minority investors (16.14%).Project Cost including proposed IFC investment US$25 million Location of project and Description of site Banco del Sud, S.A. is headquartered in Bahía Blanca, Argentina. The sub-projects financed by the credit line will be located throughout Argentina.Description of Company and Purpose of Project The project consists of a US$25 million credit line to Banco del Sud, S.A. Banco del Sud, S.A. (the "Bank") is the 11th largest private bank in Argentina with total assets of US$1,141 million as of March 31, 1995. The Bank''s operations are concentrated in the Southern provinces of Argentina. The Bank is listed on the Buenos Aires Stock Exchange. In October 1994, the Bank''s principal shareholders acquired control of Banco Shaw, S.A. from the Spanish bank Banco Espanol de Credito S.A. Banco Shaw, S.A. is the 16th largest bank in Argentina with total assets of US$665 million as of March 31, 1995, and operations concentrated in Buenos Aires. The operations of Banco Shaw. S.A. are expected to be merged with those of the Bank in 1995. The purpose of the project is to provide medium- to long-term financing to Argentine medium-scale private sector enterprises to support the modernization and expansion of their productive capacity. Environmental Categories and Issues This is a Financial Intermediary (FI) category project according to IFC''s environmental review procedure. The management team has committed to undertake an environmental review of sub-projects'' operations, and has attended IFC''s Environmental Risk Management training.Date SPI sent to PIC May 25, 1995For additional Information contact: Corporate Relations Unit - telephone (202) 473-7711 - facsimile: (202) 676-0365.