US$150 Million U.S. Commercial Paper Program Arranged By Bank Of America For Banco Inbursa, S.A

Business Wire,  April 15, 1996  

Tags: Bank of America Corp.

• E-mail
• Print
• Link

MEXICO CITY, MEXICO--(BUSINESS WIRE)--April 15, 1996--Bank of America and Banco Inbursa today announced the successful syndication of a new, one-year US$150 million U.S. commercial paper program for Banco Inbursa. This program will mark Banco Inbursa's entry into the U.S. commercial paper market. BankAmerica acts as arranger, administrative agent, and co-dealer on the transaction.

At year-end 1995, two years after its incorporation, Banco Inbursa ranked first among Mexican banks in return on assets (ROA) and equity (ROE), second in net income, and fifth in net worth. Headquartered in Mexico City, Banco Inbursa is the banking subsidiary of Grupo Financiero Inbursa, the largest financial services company in Mexico in net income and the fourth in stockholder equity.

Fernando Chico Pardo, General Director of Grupo Financiero Inbursa, said, "Grupo Financiero Inbursa is very pleased that this new program for our banking subsidiary was arranged at the lowest market price achieved by a Mexican commercial bank since the beginning of 1995."

Vice President Lorenzo Gonzalez Bosco, Business Director at the Bank of America offices in Mexico, said, "This new issue, oversubscribed from an original targeted amount of US$100 million, reflects an excellent perception within the international banking community of Banco Inbursa's successful business strategies and sound financial condition."

Bank of America's Latin America Corporate Finance team in New York structured and syndicated the transaction among Bank of America NT&SA and 13 other international banks: Dresdner Bank AG; Deutsch-Sudamerikanische Bank; Bladex; Union Bank of Switzerland; Banco de Chile; Banque Paribas; BHF-Bank; Standard Chartered; Bayerische Vereinsbank; Comerica Bank; Barclays Bank; First National Bank of Chicago; and Societe Generale.

The commercial paper will be supported by a letter of credit issued by Dresdner Bank AG. BA Securities, Inc., the securities subsidiary of Bank America Corporation, Merrill Lynch, and Smith Barney will be co-dealers for the commercial paper, which will be issued at the end of April.

Bank of America, the leading arranger of U.S. commercial paper programs in Mexico and throughout Latin America, has arranged seven such transactions for Mexican customers in the past three quarters.

CONTACT: Bank of America

Sharon Tucker, 415/622-2775

COPYRIGHT 1996 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning