FYR Macedonia

Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

14 Dec 2004



PSD disclosed:

10 Nov 2004

Project Description

The proposed loan will enable the bank to provide short and medium term loans to its private sector corporate customers in an environment where banking sector intermediation level is still low. The loan will contribute towards diversification of the bank’s funding base and the EBRD’s lead in the Project assists Tutunska Banka in successfully approaching international commercial debt market.

Transition Impact

Considering the low banking sector intermediation level in FYR Macedonia where the domestic credit to GDP stood at 20% at the end of 2003, the Project is expected to have a positive impact on the country’s economic development by providing increased access to companies to term financing and on the development of the banking sector through supporting the growth of a financial institution which applies best banking practice in its operations and is in the forefront of product development. This will be the first internationally syndicated loan for a financial institution in FYR Macedonia since late 1990s attracting new investors to the FYR Macedonia banking market.

The Client

Tutunska Banka was established in 1985 as an internal bank for tobacco industry in Macedonia. To date, the bank has grown to be one of the leading universal commercial banks servicing a wide range of corporate and retail customers from all branches of the economy. It is the third largest bank by total assets and the market leader in profitability and efficiency indicators. Tutunska Banka is 76.6% owned by Nova Ljubljanska banka, d.d., Slovenia and its group companies. 

EBRD Finance

Senior debt for on-lending to private sector corporate customers in the aggregate amount of up to € 20 million with an A/B loan structure, B loan to be syndicated.

Project Cost

Up to € 20 million.

Environmental Impact

Tutunska Banka is required to apply environmental procedures in accordance with EBRD’s Environmental Procedures for Local Banks (including the Environmental Referral List and Exclusion List). In implementing these procedures Tutunska Banka will assess potential environmental issues associated with sub-projects, which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements.

Technical Cooperation


Company Contact

Tutunska Banka
12 Udarna brigade bb
1000 Skopje, FYR Macedonia
Mr Gjorgji Jancevski, First General Manager
Ljube Rajevski, Second General Manager
Lile Nastoska, Director, Corporate Banking
Phone: (389 2) 3105 601
Fax: (389 2) 310 5681

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

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

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