Overview

CDB provides $20 million loan to Banco Security for on-lending purposes in 2016

Commitments (Constant USD, 2023)$21,814,431

Commitment Year•2016Country of Activity•ChileDirect Recipient Country of Incorporation•ChileSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2016

Last repayment (originally scheduled): Dec 30, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Banco Security

Loan description

CDB provides $20 million loan to Banco Security for on-lending purposes in 2016

Grant element•14.8543%Interest rate (t₀)•2.62%Interest type•Fixed Interest RateMaturity•5 years

Narrative

Full Description

Project narrative

In 2016, China Development Bank and Banco Security (智利智定银行) signed a $20 million loan agreement for on-lending purposes. The loan carries a 5-year maturity and a 2.62% interest rate. The loan’s (principal) amount outstanding was $12,199,665 as of December 31, 2018. The loan’s (principal) amount outstanding was $43,073 as of December 31, 2019. The agreement was signed by Franciso Silva Silva, Chairman of the Board of Grupo Security, and Xi Jinping at the Chilean Presidential Palace during Xi's official visit to Chile.

Staff comments

1. Banco Security, the banking unit of Chilean diversified financial conglomerate Grupo Security, is focused on providing commercial banking services to large and midsize companies and high-income individuals.