FIRST INVESTMENT BANK (EQUITY)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 3410

Status Complete

Location

Bulgaria

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 3410

Status Complete

Location

Bulgaria

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

20 May 1997

Disclosure date

16 Apr 1997

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

Subscription to newly issued shares of First Investment Bank Ltd., representing 20 per cent of the Bank's capital in an amount not in excess of US$ 6 million (ECU 5.2 million).

The principal objectives of the project are to:

increase FIB's capital base, thus further improving its capital adequacy and anticipating the Bulgarian National Bank's requirement for increased minimum capital for licensed banks;
increase FIB's funding resources in its continued transformation towards a full-service universal bank;
enable FIB to develop its loan portfolio, increase its term lending to private enterprises, and raise its single obligor limits;
encourage international banks to open up their lending exposure limits to FIB and to Bulgarian banks in general.

Transition Impact

The EBRD will be promoting private enterprise and Bulgaria's transition towards a market-oriented economy, as FIB will use the proceeds of its capital increase to lend to its private sector clients. Furthermore, the project strengthens a healthy bank in an otherwise less than stable banking sector.

The Client

First Investment Bank (FIB), founded in 1993, is 100 per cent privately owned. The client's objective is to become a full-service corporate bank catering for the emerging private sector in Bulgaria.

EBRD Finance

The EBRD will subscribe to newly issued shares of FIB representing 20 per cent of FIB's capital.

Project Cost

The aggregate subscription price will not be in excess of US$ 6 million (ECU 5.2 million).

Environmental Impact

FIB will carry out its operations in accordance with the EBRD's Environmental Procedures for Local Banks. In implementing these procedures, FIB will require its borrowers to comply with national/local health, safety, environmental and public consultation requirements. FIB will submit annual environmental reports to the EBRD.

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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