The International Finance Corporation (IFC), a member of the World Bank Group, and Atlantic Bank, a Belizean bank majority-held by Sociedad Nacional de Inversiones, SA of Honduras, recently launched the second phase of a project with the aim of improving access to financial services for small and medium-sized enterprises (SMEs) in Belize with support from the Canadian International Development Agency (CIDA). While the value of the support is unspecified, IFC intends to advise Atlantic Bank on developing a more client-focused approach to accelerate the growth of its SME portfolio to USD 35 million by April 2014. [1] Phase one of the project focused on improving the products and services, diversifying its portfolio and increasing its SME portfolio to USD 15 million. [2]
As of 2013, Atlantic Bank reported total assets of USD 563 million and deposits of USD 493.5 million. Data on gross loan portfolio, number of customers, return on assets and return on equity were not disclosed.
As of 2012, IFC has 184 member countries, total assets of USD 75.8 billion, return on assets of 1.8 percent, return on capital of 6.5 percent and USD 15.5 billion mobilized to 576 projects.
As of 2012, CIDA has disbursed CAD 1.2 billion (USD 1.2 billion) for projects in 20 countries and reported total assets of CAD 1.6 billion (USD 1.6 billion). Data on gross loan portfolio, return on assets and return on equity were not disclosed.
By Jennifer Young, Research Associate
About International Finance Corporation (IFC)
A member of the US-based World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2012, IFC has 184 member countries, total assets of USD 75.8 billion, return on assets of 1.8 percent, return on capital of 6.5 percent and USD 15.5 billion mobilized to 576 projects.
About Atlantic Bank
Established in 1971, Atlantic Bank operates in Belize with15 locations as of 2013. Atlantic Bank is controlled by the Honduran company Sociedad Nacional de Inversiones, SA (SONISA), which owns 55 percent of Atlantic Bank’s shares; the remainder are held by various Belizean and Honduran shareholders. As of 2013, Atlantic Bank reported total assets of USD 563 million and deposits of USD 493.5 million. Data on gross loan portfolio, customers, return on assets and return on equity were not disclosed.
Sources and Additional Resources
[1] IFC Press Release, “IFC Extends Partnership with Atlantic Bank to Improve Access to Finance for Entrepreneurs in Belize,”
http://www.ifc.org/ifcext/pressroom/IFCPressRoom.nsf/0/EDA79E995D1FA51985257B5F00526558
[2] IFC Press Release, “Atlantic Bank Strengthen Access to Financial Services for Entrepreneurs in Belize,”
http://www.ifc.org/IFCExt/Pressroom/IFCPressRoom.nsf/0/FCDCBC374A197AD6852579960068EC85
MicroCapital Story, February 15, 2012, “MICROCAPITAL BRIEF: Belize’s Atlantic Bank, CIDA, IFC Seek to Improve Banking Access for Small and Medium-Sized Enterprises,”
https://www.microcapital.org/microcapital-brief-belizes-atlantic-bank-cida-ifc-seek-to-improve-banking-access-for-small-and-medium-sized-enterprises/
MicroCapital Story, April 21, 2013, “MICROCAPITAL BRIEF: International Finance Corporation, Central Bank of Belize to Establish Credit-Reporting System,”
https://www.microcapital.org/v1-microcapital-brief-international-finance-corporation-central-bank-of-belize-to-establishing-credit-reporting-system/
MicroCapital Story, October 16, 2012, “MICROCAPITAL BRIEF: 15 Caribbean Microfinance Institutions to Benefit from $2m Phase Two of Caribbean Microfinance Capacity Building Project (CARIB-CAP II),”
https://www.microcapital.org/microcapital-brief-15-caribbean-microfinance-institutions-to-benefit-from-2-million-phase-two-of-caribbean-microfinance-capacity-building-project-carib-cap-ii/
MicroCapital Universe: International Finance Corporation (IFC)
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+(IFC)
MicroCapital Universe: Atlantic Bank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Atlantic+Bank
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