Raiffeisen Bank S.A.,Access to Finance for SMEs

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

In August 2026, the EBRD invested RON 193.8 million (ca. EUR 37.0 million equivalent) in the senior preferred (SP) bonds issued by Raiffeisen Bank S.A. ('RBRO'), as part of a total issuance of RON 750,000,000. The bonds are listed on the Bucharest Stock Exchange and the Luxembourg Stock Exchange.

Project ID 57615

Status Signed

Location

Romania

Industry Sector

Financial Institutions

Notice Type

Private

Project timeline

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

Company Contact Information

Otilia Scarlat
otilia.scarlat@raiffeisen.ro
+40799718948
https://www.raiffeisen.ro/
Raiffeisen Bank | Calea Floreasca 246D, FCC Office Building Postal code 014476

Project ID 57615

Status Signed

Location

Romania

Industry Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

22 Jul 2026

Disclosure date

16 Oct 2026

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Project Objectives

The Project improves access to finance for under-served segments of the Romanian economy, specifically SMEs located in less developed regions of Romania and women-led or women-owned businesses. The Project also delivers on the Bank's green agenda by scaling high-impact green financing, including through the expansion of the market for labelled bonds. It further contributes to capital market development in Romania by facilitating continuous bond issuances by RBRO, thereby deepening and strengthening the domestic capital market, ensuring a consistent supply of bonds in local currency, supporting local listings, and extended maturities. In addition, the Project supports the resilience and regulatory compliance of a systemically important Romanian bank during a period of strategic expansion.

Transition Impact

ETI score: 66

The expected transition impact stems from its contribution to the Inclusive, Green and Resilient qualities:

Inclusive: the operation improves access to finance for under-served market segments through RBRO allocating an equivalent of 100% of the EBRD investment in non-labelled bonds to financing SMEs located in less developed regions of Romania (GDP per capita below 75% of the EU average), and women-owned or women-led SMEs.
Green: the operation will support the Bank's GET approach in Romania through RBRO allocating an equivalent of 100% of the EBRD investment in non-labelled bonds to GET-eligible projects.
Resilient: the Project will contribute to (i) capital market deepening by facilitating continuous capital market issuances in local currency and (ii) strengthening RBRO's lending capacity and diversifying its funding sources.

Client Information

RAIFFEISEN BANK SA

RBRO is the sixth largest bank in Romania by total assets, with ca. 9% market share. As of December 2025, RBRO reported total assets of EUR 17.5 billion and total equity of EUR 1.8 billion. It is rated Baa1/negative by Moody's. RBRO is 99.99% owned by Raiffeisen Bank International AG.

EBRD Finance Summary

RON 193,800,000

Total Project Cost

RON 750,000,000

Additionality

Financing structure and risk mitigation: EBRD provides essential capital market financing to RBRO in a context of limited local investor capacity and ongoing market uncertainty. EBRD's participation as a stable and reputable investor is critical to catalysing successful issuances, particularly for RON-denominated instruments, bridging funding gaps and supporting RBRO's regular market access.

Conditionalities: the Project also delivers enhanced green and social impact by scaling high-impact sustainable financing.

Green assessments

The Project is assessed as Paris aligned based on the application of the Bank's Paris alignment approach for indirect finance: (i) defined use of proceeds, (ii) applicable exclusions, and (iii) the client's commitment to make their finance flows consistent with a transition towards low greenhouse gas emissions and climate-resilient development.

Green finance attribution in the EBRD financing will be determined at the level of each Bond issuance participation, and subject to RBRO's allocation of investment proceeds to eligible green assets or activities. The green finance share will be 100% where 100% of EBRD's investment amount in the bond is allocated to eligible green uses of proceeds. The attribution is determined in line with the methodology to determine the green finance attribution of EBRD investments.

Technical Cooperation and Grant Financing

N/A

Company Contact Information

Otilia Scarlat
otilia.scarlat@raiffeisen.ro
+40799718948
https://www.raiffeisen.ro/
Raiffeisen Bank | Calea Floreasca 246D, FCC Office Building Postal code 014476

PSD Last Updated

16 Oct 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

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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Raiffeisen Bank S.A.,Access to Finance for SMEs

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)

Raiffeisen Bank S.A.,Access to Finance for SMEs

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)