IDB Invest Promotes Brazil’s Financial Inclusion Through Banco PAN Deal

IDB Invest has participated in a loan that provided $150 million to Banco PAN S.A. to increase access to digital financial products and services for low-income people in Brazil.

 

The deal, for up to four years, has a contribution of $50 million corresponding to IDB Invest and $25 million by the German development finance institution DEG - Deutsche Investitions - und Entwicklungsgesellschaft mbH, acting as a co-lender. In addition, $75 million IDB Invest B Loan is mobilized through the participation of Banco Santander and Itaú BBA.

 

This financing deal supports Banco PAN's ESG strategy and focuses on supporting the silver economy (retirees), motorcycle finance customers and micro-entrepreneurs, to help them meet short-term needs, such as coping with expenses or cover contingencies, generate additional income, boost financial inclusion for the underserved public in Brazil.

 

This deal is expected to contribute to four United Nations Sustainable Development Goals (SDGs): No poverty (SDG 1), Decent work and economic growth (SDG 8), Industry, innovation and infrastructure (SDG 9) and Partnerships for the goals (SDG 17).

 

 

About IDB Invest

IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $13.1 billion in assets under management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.

 

About Banco PAN

Banco Pan SA is a Brazilian commercial bank headquartered in São Paulo and controlled by Banco BTG Pactual SA. The institution is a digital bank with more than 15.2 million customers and a R$33 billion credit portfolio aimed at low-income people and offers a complete platform that includes consumer credit, banking, insurance, means of payment, marketplace and deposits.

 

 

 

About DEG

For almost 60 years, DEG (a member of KfW Group) has been a reliable partner for private-sector enterprises operating in developing and emerging-market countries. We provide our customers with tailor-made solutions, including financing, promotional programs and advice tailored to individual needs. They can thus develop successfully and sustainably, while generating local added value and creating qualified jobs. In Latin America, DEG has financed infrastructure, agriculture, manufacturing projects and financial institutions and has representative offices in Peru, Mexico and Brazil. With our portfolio of around EUR 8.5 billion in approximately 80 countries we’re one of the world’s largest private-sector development financiers.

Learn more: www.deginvest.de

 

About Banco Santander

Banco Santander, S.A., Santander Group, is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centers as the 16th-largest banking institution in the world. Although known for its European banking operations, it has extended operations across North and South America, and more recently in continental Asia. It is considered a systemically important bank by Financial Stability Board.

 

About Itaú BBA

Itaú BBA is Latin America's largest corporate investment bank and its part of the Itaú Unibanco group, one of the largest financial conglomerates in the world. Itaú BBA provides service to institutional investors and the group’s highest-revenue clients. The portfolio includes products and services such as asset management, mergers and acquisitions consultancy, share offerings, securitization, derivatives, structured operations, cash management, financing, and guarantees, among others.