Rietumu Banka - syndicated loan

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 36421

Status Complete

Location

Latvia

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 36421

Status Complete

Location

Latvia

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

13 Dec 2005

Disclosure date

29 Sep 2005

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

The proposed project will provide Rietumu Banka with a EUR 60 million syndicated loan as medium-term funding for providing loans to corporate customers in Latvia, many of which would be SMEs. Using an A/B loan structure the EBRD intends to book EUR 20 million for its own account and to syndicate EUR 40 million.

Following this first exposure to the commercial debt market, the bank is expected to be in a stronger position to attract additional funding at longer maturities in the future.

Transition Impact

The proposed loan will provide Rietumu Banka access for the first time to the international commercial debt market. Consequently the loan will improve the bank’s balance sheet maturity structure and diversify its funding base, enabling the bank to further expand its corporate lending operations and thus increase the competition among banks in Latvia.

The Client

Rietumu Banka is the fourth largest bank among 23 banks in Latvia with a market share of 8% by assets. The bank specialises as a corporate bank and has its headquarters in Riga and representative offices in countries including Estonia, Lithuania, Russia, Ukraine, Belarus and Kazakhstan.

EBRD Finance

Using an A/B loan structure the EBRD intends to book EUR 20 million for its own account and to syndicate EUR 40 million.

Project Cost

EUR 60 million.

Environmental Impact

Rietumu Banka will need to adopt the EBRD’s Environmental Procedures for Local Banks including ensuring compliance with the applicable national environmental, health and safety legislation, adherence with EBRD’s Environmental Exclusion and Referral List and submission of annual environmental reports to the Bank.

Technical Cooperation

During 2003 Rietumu Banka benefited from technical assistance provided by the EU Phare programme under the SME Finance Facility.

Company Contact

Mr Rolf Fuls, Executive Vice President
Rietumu Banka

Tel. +371 7 025 224

Transition impact

ETI Score:35

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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