SLSP (PORTAGE EQUITY)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 18190

Status Complete

Location

Slovak Republic

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 18190

Status Complete

Location

Slovak Republic

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

30 May 2001

Disclosure date

02 May 2001

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Proposed equity investment of up to 19.9 per cent in Slovenska Sporitelna (SLSP), the largest retail bank in the Slovak Republic, to support its post-privatisation programme of restructuring, initiated by Erste Bank der Oesterreichischen Sparkassen AG (Erste Bank), the new majority owner of SLSP and the leading retail bank in central Europe.

The EBRD’s investment will support the efforts of Erste Bank in restructuring SLSP after its privatisation. This will entail a review of the product mix offered to local clients and a wide-reaching reorganisation of SLSP.

Transition Impact

The project is expected to have a significant impact in furthering the Slovak Republic's transition to a market economy. SLSP is well positioned to play a growing role in the banking sector as well as in the economy, especially in view of the country’s accession to the EU.

The Client

Slovenska Sporitelna (SLSP) is currently the largest universal bank in the Slovak Republic in terms of assets and customer deposits. It provides a range of financial services to 1.8 million retail customers and over 100,000 corporate customers. Its product range covers retail and commercial banking, capital markets products, as well as insurance and mortgage products sold through specialist financial subsidiaries.

EBRD Finance

The EBRD will purchase ordinary voting shares of SLSP with a par value SKK 1,000 each, representing up to 19.9 per cent of the company’s voting rights. The aggregate purchase price will be up to €116.9 million.

Project Cost

Up to €510 million.

Environmental Impact

SLSP will adopt and implement the EBRD's "Environmental Procedures for Intermediated Lending through Local Banks"; in doing so, it will ensure that investee companies are not engaged in activities listed on the EBRD's Environmental Exclusion List. SLSP will require its borrowers to comply, at a minimum, with national/local health, safety, environmental and public consultation requirements.

Technical Cooperation

None.

Company Contact

Transition impact

ETI Score:75

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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