A senior loan of up to €30 million to Banca Intesa a.d. Beograd ('BIB') for on-lending to private individuals.
The proceeds of the loan will be used by BIB to provide long-term financing for residential mortgage lending in Serbia.
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.
BANCA INTESA AD BEOGRAD
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
Up to €30 million available in two tranches.
Total Project Cost
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
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
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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Environmental and Social Policy (ESP)
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More information on the EBRD’s practices in this regard is set out in the ESP.
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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).
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