Colombia - Third Development Finance Companies Project

"~~"' '~7p-b, ~tUEL ON) II, "IY RESTRICTED Report No. DB--48a This report was prepared for use within the Bank and its affiliated organizations. They do not accept responsibility for its accuracy or completeness. The report may not be published nor may it be quoted as representing their views. I ___- INTERNAT:IONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION APPRATSALT. OFl FIVE FiNANCE COMPANIES IN COLOMBIA May 27, 1969 Development Finance Companies Department  CURRENCY EQUIVALENTS Elxchang Rate 0-+ lex.ble ): US $i = Co!$ 17. 17 (March 29, 1969)  APPRAISAL OF FIVE, FIINANCE CO*'IPANIES IN COLOPBIA Table of Contents Page Para SuTIKA(RY i i-ix I. INTIRODUCTiON 1 1 2 II. THE ECONOMIIC ENVIRONMENT 1.- i 3 -I Recent Developments 1- 2 3 - 5 Industry 2 -3 6 - 8 Finance 3 9 - 10 Role of the Financieras 3- ls 11 - 12 III. TM,, FINANCIERAS 4 - 16 13 - 47 Share Capital and Oimership 5 - 6 14 - 15 Board, rlanagement and Staff 6 - 7 16 -20 Resources 7 - 9 21 -2? Operational Policies and Record 9 - 12 30 - 37 Quality of Portfolios 12 38 -39 Financial PResults and Structure 12 - I O - 43 Valae of Shares and Dividend Policy 14 44 - 4 Eva:luation 14 - 16 406 - 47 IV. PROSPECTS 16 - 18 48 - 5' Economic Outlook 16 48 - 5 , The Financierasl Programs 17 - 18 51 - 56 Creditworthiness 18 57 - 59 V. PRINCIPAL TERNS OF PROPOSED LOAN 18 - 19 6W - 63 VI. CONCLUSIONS AND RECO1P1ENDATIONS 20 64 - 66 APP71NTX A. Cnrnoracion Fnannipra Colombiana APPFnTDTY B. Cornnra.i on 1i nancie r Nanional APPRN?\XTY C Gnorporacnion Plinan-r2r tdel V71I APP7NMTIY T. raionn ^.nqn tier d Grp.Is APPrM.T E. Corporaclnn F.-nanc4era del Norte APPEDlDIX F. Sum -ary of h, Statements of Policies and Procedures of the Five Financi.eras  A,T)) A'r Ar n" (AT JA .[rhu LLIOLLJ UP