The International Finance Corporation (IFC), the private-investment arm of the US-based World Bank Group, recently announced that it has invested BRL 80 million (USD 36 million) to acquire a minority stake in the Brazilian firm Austral Participações, whose holdings include Austral Seguradora, an insurance company focusing on the oil, engineering and surety markets; and Austral Resseguradora (Austral Re), a reinsurance company.
IFC, in collaboration with Austral Seguradora and Austral Re, aims to support the growth of the insurance market in the infrastructure and agricultural sectors and encourage the creation of innovative insurance products in Brazil. Mr Hector Gomez Ang, IFC Brazil’s Country Manager, said that “the investment in Austral is aligned with IFC’s strategy in Brazil to improve the country’s competitiveness, supporting infrastructure development, sustainable growth of the agribusiness sector, job creation and access to financial services for underserved sectors” [1].
IFC has 184 member countries and reported total assets of USD 77.5 billion as of fiscal year-end 2013. Financial information on Austral Seguradora and Austral Resseguradora can be found in Portuguese at: http://www.australseguradora.com/demonstracoes-financeiras/ and http://www.australre.com/en/demonstracoes-financeiras/
By Tejas Jain, Research Associate
About International Finance Corporation (IFC)
The International Finance Corporation (IFC), a US-based multilateral development bank and member of the World Bank Group, offers loans, equity investments, advisory and risk mitigation services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. IFC has 184 member countries and reported total assets of USD 77.5 billion as of fiscal year-end 2013.
About Austral Participações
Austral Participações is the holding company of both Austral Seguradora, a Brazilian insurance company focusing on THE oil, engineering and surety markets insurance products; and Austral Resseguradora (Austral Re), a Brazilian reinsurance company. Austral Participações was founded by Vinci Partners, a Brazilian investment management company, in 2010. Financial information on Austral Seguradora and Austral Resseguradora can be found in Portuguese at: http://www.australseguradora.com/demonstracoes-financeiras/ and http://www.australre.com/en/demonstracoes-financeiras/
[1] International Finance Corporation (IFC), IFC Becomes Shareholder of Austral to Support Expansion of Brazilian Insurance Market
MicroCapital, August 23, 2014, Japanese Sumitomo Mitsui Banking Corporation (SMBC) Announces Purchase of $110m Equity Stake in Cambodian Acleda Bank from International Finance Corporation (IFC)
MicroCapital, August 23, 2014, Government of Canada, International Finance Corporation (IFC) Support Small, Medium-sized Agricultural Enterprises in Ukraine
MicroCapital, June 7, 2013, International Finance Corporation (IFC) Arranges $470m in Loans for Itau Unibanco of Brazil for Women Entrepreneurs, Funded by Bank of America, Bank of Tokyo Mitsubishi, National Bank of Abu Dhabi, Development Bank of Japan
MicroCapital Universe Profile: International Finance Corporation (IFC)
MicroCapital Universe Profile: Austral Participações
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more athttps://www.microcapital.org/products-page/
Similar Posts:
- MICROCAPITAL BRIEF: G20, SME Finance Forum Showcase Digital Finance Solutions for MSMEs Via Online Database, Seek Submissions
- MICROFINANCE EVENT: International Conference on Inclusive Insurance (ICII); October 23-27, 2023; Accra, Ghana
- MICROCAPITAL BRIEF: Akbank Selling $300m in Bonds to DFC, AIIB, IFC – Half to Support Women-owned Businesses in Turkiye
- MICROCAPITAL BRIEF: She WINS Africa Program to Empower Women-led Startups
- MICROCAPITAL BRIEF: Futu Expanding Digital Investment, Financial Education Platform to Malaysia
