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MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

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Explore different types of political risk insurance guarantees provided to investors and lenders.

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

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World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Our Impact Dropdown Description

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

Our Products Dropdown Description

Young woman bending down to tending to her outside chores

Explore different types of political risk insurance guarantees provided to investors and lenders.

Projects Dropdown Descriptions

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Uruguay

Santander Central Bank Mandatory Reserves Coverage

$439.3 million
Banking
Project Brief
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On March 3, 2016, MIGA issued a guarantee of $439.3 million covering equity investments and shareholder loans by Banco Santander S.A. in its subsidiary in Uruguay, Banco Santander S.A. (Uruguay). The mandatory reserves coverage is for a period of up to 10 years.

Madrid-based Banco Santander is one of the largest global financial institutions in the world in terms of market capitalization with retail and commercial operations in countries across Europe, Latin America, and North America. Its subsidiary banks abroad are required to maintain reserves at the central banks in their respective jurisdictions, based on the volume of customer deposits that these subsidiaries have.                                           

MIGA’s guarantee will support Banco Santander – Latin America’s widest international franchise and the largest private sector bank with systemic importance in the Uruguayan financial system – by helping it reduce capital requirements of some of its assets, freeing up capacity under the existing limits on a consolidated basis. This will enable Banco Santander to further support additional local lending in Uruguay, particularly in activities linked to the real economy, such as support to small and medium-sized enterprises through the expansion of the Santander Advance program, as well as in trade finance activities, helping to stimulate economic growth and employment in Uruguay.

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