Paraguay
The BNF Reduced Collateral and Waived Fees for Itti in a G. 62 Billion Loan
According to ABC Color, the state-owned bank changed the original terms of the financing approved for Itti in 2023. The change included lower requirements for the properties offered and the waiver of administrative expenses.
The board of the Banco Nacional de Fomento approved on July 27, 2023, a loan of G. 62 billion for Itti, a company in Grupo Vázquez SAE chaired by Federico Miguel Vázquez, according to a report by ABC Color.
Still according to that outlet, the loan was agreed for 10 years, with a 30-month grace period for principal repayment, and was intended for office renovations, furniture purchases, ATMs and software licenses.
The original resolution established that the disbursements had to be subject to a fiduciary guarantee over real estate worth at least G. 88.572 billion. The structure provided for an initial disbursement of up to G. 4 billion against the signing of a promissory note and a second one of up to G. 58 billion once the trust agreement registered with the Dirección General de los Registros Públicos had been submitted.
ABC Color reported that on October 9, 2023, the Commercial Area Management of the BNF asked to modify those conditions because the properties offered by Itti did not reach the required value. In the case file, the newspaper added, there were two appraisals: one of G. 28.985 billion carried out by the bank’s Property Valuation Division and another of G. 55.251 billion prepared by an appraiser from the fiduciary Finexpar Saeca, now Zeta Banco.
Faced with that difference, the area proposed adjusting the autonomous trust estate to G. 55.251 billion and limiting the second disbursement to G. 16.289 billion, equivalent to 70% of the BNF’s official appraisal, until more assets were added.
Two days later, on October 11, 2023, the BNF board approved those changes. According to ABC Color, it also resolved to exempt Itti from paying G. 62 million in administrative expenses for the modification of the original resolution.
With the new structure, the loan was divided into three disbursements: G. 4 billion upon signing the promissory note, G. 16.289 billion upon mere presentation of the receipt for the filing of the registration process with Public Records, and up to an additional G. 41.710 billion through an addendum expanding the trust’s assets.
In the trust agreement, the newspaper noted, the settlors listed alongside Itti were Financiera Ueno, now Ueno Bank, Grupo Vázquez SAE and Ueno Holding Saeca. ABC Color added that, at the time of the request to modify the loan, President Santiago Peña was a shareholder in the latter company.
When consulted by the outlet, BNF president Manuel Ochipintti referred the inquiry to general manager César Vargas. According to the report, the official said the details of the transaction are covered by banking secrecy. The newspaper also said it sought a response from César Astigarraga, president of Itti, but received no reply.
Sources
About this note. Written by El Notero with assistance from artificial intelligence, based on what was published by the cited outlet. El Notero did not conduct its own reporting on this fact.
