Provision of term funding to a key niche bank for on-lending to Polish private enterprises. The project aims to provide much-needed term funding for the clients of LG Petro Bank, which are mostly Polish middle-market enterprises.
The project will provide support for a key niche bank in Poland that has as its clients many small and medium-sized enterprises (SMEs) and middle-market clients.
Established in 1990, LG Petro Bank ranks as the 19th largest bank in Poland by assets. Its headquarters are in Lodz. LG Petro Bank provides a full range of banking services through eight branches throughout Poland, and the bank is expanding its network to cover all principal Polish cities.
Credit line of US$ 20 million, to be drawn in US$, EUR or PLN.
LG Petro Bank will follow the EBRD's Environmental Procedures for Intermediated Lending through Local Banks in relation to all sub-loans financed through the credit line. In implementing these procedures, the bank 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.
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