Washington, July 22, 2013—IFC,
a member of the World Bank Group, has invested $50 million in the Credit
Suisse Mexico Credit Opportunities Trust, a fund that helps bolster financing
for local companies and deepen capital markets in Mexico.
Credit Suisse, through its Asset Management
business, several Mexican pension funds, and other investors, have collectively
invested almost $500 million in the trust, bringing the total capital committed
to approximately $550 million. The trust, established in November 2012,
consists of Certificados de Capital de Desarrollo, or “CKDs,” a special
type of security created by the Mexican government to facilitate funding
to Mexican companies. This is IFC’s first investment in the trust.
Bob Jain, Head of Alternative Investments
in Credit Suisse’s Asset Management business said: “This transaction
marks one of the first times a global international investor has participated
in the CKD market. This type of funding is critical to help Mexican companies
expand and thrive in an environment where access to capital often can be
Paolo Martelli, IFC’s Director of Financial
Markets for Africa, Latin America, and the Caribbean, said: “As fund manager
of the trust, Credit Suisse brings global knowledge and expertise and the
ability to mobilize domestic institutional investors to help Mexican firms
obtain financing through local capital markets. It’s great to see this
type of competitive funding being made available to growing Mexican companies
that are in need of financing. We hope to replicate this transaction in
other emerging markets.”
The investment is part of IFC’s overall
capital-markets strategy to help mobilize local institutional investors
and deepen capital markets—with the aim of fostering economic growth in
countries where access to capital is constrained. Though Mexico has a stable
economic environment and continues to experience growth, many companies
still have limited access to finance through local financial institutions.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. We help developing countries achieve sustainable growth
by financing investment, mobilizing capital in international financial
markets, and providing advisory services to businesses and governments.
In FY12, our investments reached an all-time high of more than $20 billion,
leveraging the power of the private sector to create jobs, spark innovation,
and tackle the world’s most pressing development challenges. For more
information, visit www.ifc.org.
About Credit Suisse AG
Credit Suisse AG is one of the world's
leading financial services providers and is part of the Credit Suisse group
of companies (referred to here as 'Credit Suisse'). As an integrated bank,
Credit Suisse is able to offer clients its expertise in the areas of private
banking, investment banking and asset management from a single source.
Credit Suisse provides specialist advisory services, comprehensive solutions
and innovative products to companies, institutional clients and high net
worth private clients worldwide, and also to retail clients in Switzerland.
Credit Suisse is headquartered in Zurich and operates in over 50 countries
worldwide. The group employs approximately 46,900 people. The registered
shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG,
are listed in Switzerland and, in the form of American Depositary Shares
(CS), in New York. Further information about Credit Suisse can be found