Project description
and objectives:
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Up to DM 6 million equity investment in ECB through a combination of newly issued ordinary voting and preference convertible non-voting shares for a 31 per cent stake in ECB, 10 per cent of which has voting rights. The project will support ECB’s future growth, both organic or through acquisitions, and will help ECB develop into a strong medium-sized bank, with a focus on SMEs and retail. The project will assist the bank to become a platform for consolidation and to attract a strategic investor at a later stage.
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Transition impact:
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The project has a high potential for transition impact, as it will help to bring about consolidation in the fragmented banking sector. It will also have demonstration effect of skills transfers through the placement of senior bankers in ECB and through improved corporate governance.
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The client:
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ECB is a small privately held bank in FYR Macedonia, with its headquarters in Skopje. Established in 1993, it has been mostly active in corporate banking with a focus on small and medium-sized enterprises (SMEs). In future, it will continue to focus on SMEs and will seek to expand its retail banking operations.
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EBRD finance:
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DM 6 million equity investment in ECB through a combination of newly issued ordinary voting and preference convertible non-voting shares.
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Total project cost:
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DM 6 million (€3.07 million).
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Environmental impact:
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ECB will carry out its operations in accordance with the EBRD's Environmental Procedures for Local Banks. In implementing these procedures, ECB will require its borrowers to comply, at a minimum, with national/local health, safety, environmental and public consultation requirements.
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Technical
cooperation:
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TC funding of up to EUR 585,000 is being sought to procure experts for institutional strengthening of ECB.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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EBRD contact:
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Ines Hobdari, Operation Leader: hobdarii@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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