Banka Intesa Belgrade - Mortgage Line II



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

04 May 2017



PSD disclosed:

31 Mar 2017

Project Description

A senior loan of up to €30 million to Banca Intesa a.d. Beograd ('BIB') for on-lending to private individuals.

Project Objectives

The proceeds of the loan will be used by BIB to provide long-term financing for residential mortgage lending in Serbia.

Transition Impact

ETI score: 60

Transition impact is expected to derive from the expansion of the mortgage market in Serbia through provision of long term funding. Mortgage penetration remains low in Serbia and mortgage lending has further room for growth subject to availability of sufficiently long-term funding.

Client Information


Banca Intesa a.d. Belgrade is the largest bank in Serbia with the leading position in corporate and retail lending and a long-standing partner of the EBRD and. With total assets of EUR 4.5bn as of 31 December 2016 it accounts for 17% of banking assets in Serbia. BIB has been one of the most profitable banks in Serbia for many years, thanks to good diversification and efficient operations. In retail lending, the mortgage business is one of the key products which accounts approximately 50% of the retail book.

EBRD Finance Summary

EUR 30,000,000.00

Up to €30 million available in two tranches.


Total Project Cost

EUR 30,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014): BIB an existing client and is satisfactorily implementing the EBRD's E&S requirements. It will be required: to continue to comply with PRs 2, 4 & 9; to further comply with the EBRD's E&S Procedures for Mortgage Lending; to submit annual environmental and social reports to the Bank.

Technical Cooperation and Grant Financing


Company Contact Information

Ms Snezana Topalovic
+ 381 11 201 1400
Milentija Popovica 7b 11070 Novi Beograd

Implementation summary

The project was aimed at further expansion of the mortgage market in Serbia, which remained underserved at that time. Mortgage penetration was materially below the EU markets, measured by the penetration rate.

All relevant transition impact indicators are either met or on track. These include expansion of the mortgage lending, stimulation of additional funds for mortgage lending in addition to the EBRD loan, maintaining high level of loan book quality and adequate maturity of sub-loans.

Banca Intesa is applying strict mortgage lending standards and follows environmental and social standards and practices which are fully in line with both the local legislation and the standards set on the group level. 

PSD last updated

09 Nov 2020

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 EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social 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 additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from 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 activities of the Bank 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 Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. 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 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 following its entry into force on 1 January 2020. 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 (e.g. 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 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; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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