World Bank affiliate the International Finance Corp. confirmed last week details of its involvement in the newly established Argentinean secondary mortgage company, Banco de Credito y Securitizacion (Bancs). The IFC set up the company with Argentinean banks Banco Hipotecario and IRSA, and together they are looking at bringing in a strategic partner to help bolster the project.
As things stand, the three parties have combined for a total equity investment at $250 million. BH is thought to be the major shareholder with 40%, IRSA 10% and the IFC 20%, leaving 30% available for the strategic partner. The IFC, however, said its own holding - which it says is in a range between 10% and 30% - might change over time to suit the needs of the company.