IFC, Inter-American Investment Corporation Help Brazilian Company Expand Access ...

Jun 2008
São Paulo, Brazil, June, 06 2008 - IFC, a member of the World Bank Group, and the Inter-American Investment Corporation today announced that they will invest in Unik, a leading Brazilian issuer of credit cards consigned in payrolls and financial services for low-income people and retirees.

This will enable the company to expand its reach to the country’s low-income segments.

Through the deal, IFC will acquire a 12 percent share in Unik, while IIC acquires 8 percent of the company’s stock. With these new partners, Unik will look to obtain its first direct credit investment fund for 240 million Brazilian reais, which will be used to broaden the credit supply. The company has about 750,000 clients, including retirees and employees from more than 3,000 private and public companies.

According to José Roberto Kracochansky, Unik’s CEO, said, “Payment cards are an effective way of introducing basic financial services for low-income consumers and increasing their access. We are deeply satisfied with the financial support from IFC and IIC. This shows their vote of confidence in our company’s business model.”

Andrew Gunther, IFC General Manager in Brazil, said, “IFC is focusing on innovative projects that expand access to finance for low-income people, as well as for micro, small, and medium enterprises. This project enables IFC to support financial intermediaries that are attempting to bridge the gap in Brazil’s financial services market.”

Santiago Cat, IIC Investment Officer in charge of this operation, said, “Through this investment, we hope to enhance access to basic financial services for low-income families, increase the number of commercial and merchant businesses in urban and rural areas, and improve access to credit.”

Source : IFC

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