PIIF National Bank of Samoa Limited

completed

Summary Of Project Information (SPI)Project Name:Western Samoa - National Bank of Samoa (NBS)Region:East Asia & PacificSector:Project No:008416Projected Board Date:April 30, 1999Company Name:National Bank of Samoa LimitedTechnical Partner and/or Major Shareholders The shareholders of the National Bank of Samoa (NBS) consist of a group of 23 shareholders. Through the use of trusts, this shareholder group in turn represents about fifty able Samoan business people of many disciplines.Project Cost Including proposed IFC investment The total project cost, which is also the proposed IFC investment, is the Samoan Tala (ST) equivalent of US$400,000. This proposed IFC investment will be made through the Pacific Islands Investment Facility (PIIF).Location of project and Description of site The project will be located in Apia, Samoa.Description of Company and Purpose of Project Established in 1995, NBS is the first and only commercial bank in Samoa owned by local private business-people. In comparison with the other two commercial banks (both are subsidiaries of foreign banks), NBS focuses on serving the local private small and medium enterprises. The purpose of this proposed project is to provide a subordinated convertible loan, which will be treated as Tier 2 capital, to help strengthen NBS’s capital base so as to maintain continued and healthy growth. IFC will also work closely with NBS to develop and implement an appropriate technical assistance and training program to help strengthen the bank’s institutional capacity.Environmental Category and Issues This is a category C project according to IFC''s environmental review procedure. NBS has committed to ensuring that relevant operations will be conducted in accordance with the environmental requirements of Samoa and in compliance with IFC''s Microfinance Exclusion List.The is from the Public Information Center.Date SPI sent to PIC February 8, 1999For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384