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Non-bank financial institutions

Equity and debt financing to insurance, pension, leasing, asset management, consumer finance and non-bank mortgage institutions mobilises savings and promotes a competitive financial services environment. This is a growing area for the EBRD and reflects demand for more sophisticated financial services, better legislation, pension reforms and the introduction of mandatory insurance in some countries. The EBRD has over 100 equity and debt NBFI projects in 20 countries and is the largest financial investor in the insurance and pensions sector in the region.

Strategic priorities

  • Broaden range of investments across countries and directly related companies - e.g. insurance brokers and asset management companies
  • Continue to transfer knowledge by working with key western investors and support local shareholders and entrepreneurs
  • Promote enhanced legislation and regulation and in particular the introduction of pension reforms
  • Support the enhancement of local capital markets infrastructure required to service an ever increasing local institutional investor base
  • Further support the development of these key sectors:      

Leasing 

Asset management: a professional asset management discipline needed to manage the growing local institutional investor base (pension fundsand insurance companies) as well as retail investors through mutual funds 

Specialist mortgage institutions: focus on securitisation, in turn broadening the available securities for investors

Consumer finance: focus on experienced companies to develop activities in the region and promote development of legislation and consumer protection.

Products

  • Insurance: life, non-life and re-insurance, equity participation between 10 and 35%, 7 – 10 years exit horizon
  • Pension Fund Management Companies: equity participation between 10 and 35%, 7 – 10 years exit horizon, investments in defined contribution pension scheme – both mandatory and voluntary
  • Specialist mortgage institutions: term funding for primary mortgage origination, support of secondary market development (e.g. underwriting of mortgage bonds, local and foreign currencies), equity participation
  • Consumer finance: equity participation and loans to fund retail consumer finance products. These include: low risk secured loans (e.g. charge and credit cards), secured loans to purchase specific goods by instalment credit or hire purchase and store credit
  • Asset management: equity in local asset management companies, both institutional and mutual funds, and seed capital for new established funds
  • Leasing: mainly to finance equipment. Four areas of operation:

1. Debt: financing facilities to leasing companies in foreign or local currencies, fixed or floating rate, large debt syndication             
2. Equity finance             
3. SME: Credit lines through leasing companies for sub-loans up to €125,000. The TAM and BAS Programmes offer complementary schemes.
4. Vendor finance: lease type schemes with western vendors of equipment.

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Last updated 28 June 2010

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