Sogebank

completed

The proposed project is a comprehensive investment and advisory services program for Sogebank (or the Bank), the largest banking group in the Republic of Haiti with total assets of approximately $750 million. In a country were only 1% of the population has access to formal credit, the support of IFC in one of the soundest financial institutions will help improve access to finance by the population by promoting the creation of new products, increasing the lending capacity of the institution and promoting greater competitiveness and efficiency in the local market. IFC’s investment would include equity in the Bank as well as guarantees for trade confirmation lines. Sogebank is the leading bank in Haiti, with market shares of 28% and 34% in loans and deposits respectively. The Bank is a commercial bank with activities spanning retail and corporate banking, SME and microfinance, remittance distribution, and factoring which are operated as independent businesses through separate subsidiaries. Sogebank was founded in 1986 by a group a Haitian businessmen who took over the operations of the former Royal Bank of Canada, which was present in Haiti since 1917.