Project description
and objectives:
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The proposed loan will enable the bank to provide short and medium term loans
to its private sector corporate customers in an environment where banking
sector intermediation level is still low. The loan will contribute towards
diversification of the bank’s funding base and the EBRD’s lead in the Project
assists Tutunska Banka in successfully approaching international commercial
debt market.
.
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Transition impact:
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Considering the low banking sector intermediation level in FYR Macedonia where
the domestic credit to GDP stood at 20% at the end of 2003, the Project is
expected to have a positive impact on the country’s economic development by
providing increased access to companies to term financing and on the
development of the banking sector through supporting the growth of a financial
institution which applies best banking practice in its operations and is in
the forefront of product development. This will be the first internationally
syndicated loan for a financial institution in FYR Macedonia since late 1990s
attracting new investors to the FYR Macedonia banking market.
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The client:
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Tutunska Banka was established in 1985 as an internal bank for tobacco
industry in Macedonia. To date, the bank has grown to be one of the leading
universal commercial banks servicing a wide range of corporate and retail
customers from all branches of the economy. It is the third largest bank by
total assets and the market leader in profitability and efficiency indicators.
Tutunska Banka is 76.6% owned by Nova Ljubljanska banka, d.d., Slovenia and
its group companies.
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EBRD finance:
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Senior debt for on-lending to private sector corporate customers in the
aggregate amount of up to € 20 million with an A/B loan structure, B loan to
be syndicated.
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Total project cost:
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Up to € 20 million.
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Environmental impact:
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Tutunska Banka is required to apply environmental procedures in accordance
with EBRD’s Environmental Procedures for Local Banks (including the
Environmental Referral List and Exclusion List). In implementing these
procedures Tutunska Banka will assess potential environmental issues
associated with sub-projects, which are required to comply, at a minimum, with
local/national health, safety, environmental and public consultation
requirements.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Tutunska Banka
12 Udarna brigade bb
1000 Skopje, FYR Macedonia
Mr Gjorgji Jancevski, First General Manager
E-mail: jancevski@tb.com.mk
Ljube Rajevski, Second General Manager
E-mail: rajevski@tb.com.mk
Lile Nastoska, Director, Corporate Banking
E-mail: nastoska@tb.com.mk
Phone: (389 2) 3105 601
Fax: (389 2) 310 5681
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EBRD contact:
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Elena Urumovska, Operation Leader: urumovse@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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