PRIVREDNA BANKA ZAGREB - 2ND PHASE OF PRIVATISATION

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 24112

Status Complete

Location

Croatia

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 24112

Status Complete

Location

Croatia

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

03 Sep 2002

Disclosure date

04 Sep 2002

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 acquisition of up to 22% of ordinary shares and voting rights in Privredna Banka Zagreb (PBZ) in the final phase of the bank's privatisation.

The Project will play a pivotal role in the completion of the PBZ’s privatisation process. It will support the initiative of both the Croatian Government and IBCI to finalise the State's participation in the bank. The investment will also bring fresh support to the development plans of PBZ and further expansion in the region as one of the most prominent universal commercial banks providing services to corporates and individuals.

Transition Impact

The transition impact of this transaction is twofold. Through the support of PBZ's privatisation the EBRD would strengthen the shareholders’ structure of the bank and create optimal conditions for further development including enhancement of corporate governance. Secondly, the EBRD’s exit strategy through an Initial Public Offering (IPO) would assist the future development of capital markets and pension reforms. Additionally, the EBRD's experience in privatisation and its institutional role would benefit IBCI.

The Client

PBZ is the second largest bank in Croatia with total assets in excess of €4.2 billion and capital base of €393 million as of 31 December 2001 (IAS audited). PBZ accounts for around 22.8% of the total Croatian banking sector assets.

At the end of 2001, the bank had 151 branches, 16 subsidiaries including three daughter banks and almost 3,700 employees. PBZ is one of two banks covering the whole territory of Croatia.

PBZ has consistently been one of the leading financial institutions in the country, accounting for 18% of total banking sector deposits. At the end of March 2002, PBZ held 21.4% market share in retail loans and 19.6% in corporate loans.

EBRD Finance

Up to €121 million to acquire up to 22% of PBZ’s ordinary shares.

Project Cost

Up to €121 million.

Environmental Impact

PBZ will be required to adopt and implement environmental procedures in accordance with EBRD's "Environmental Procedures for Intermediated Lending through Local Banks". From the point of signing, PBZ will also be required to adhere to the Bank's Environmental Exclusion List and clients of PBZ should comply, at a minimum, with national requirements for environmental health and safety.

Technical Cooperation

None.

Company Contact

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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