Bank Zachodni WBK subordinated bond



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

14 Mar 2018



PSD disclosed:

05 Apr 2018

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

Investment in Polish zloty-denominated subordinated bond in an amount of PLN 150 million (EUR 36 million) as part of a total aggregate issuance of PLN 1 billion (EUR 238 million) to be issued by Bank Zachodni WBK ("BZWBK" of the "Issuer"), a public company incorporated in Poland and the third largest commercial bank in Poland.

Project Objectives

BZWBK has committed to allocate the equivalent of 140 per cent of the proceeds from EBRD investments in the Bonds to finance loans for certified commercial and residential projects which meet the GET eligibility criteria for greenfield projects, in compliance with internationally accepted certification schemes.

Transition Impact

ETI score: 60

The project will support the Bank's Green Economy Transition ("GET") approach in Poland via BZWBK allocating 140% of the EBRD's invested funds towards funding construction of certified commercial and residential projects which meet the GET eligibility criteria for greenfield projects.

The project will also strengthen the capital adequacy of a systemic bank in Poland and contribute to capital market development of the country.

Client Information


BZWBK is one of the largest financial institutions in Poland. BZWBK is listed on the Warsaw Stock Exchange with a market capitalization of PLN 36 billion (€ 8.6 billion equivalent) as of March 9, 2018. BZWBK had 10 per cent market share by deposits and 10.1 per cent market share by loan portfolio as of the end of 2017. Santander Group is the single largest shareholder with 68.13 per cent of total capital.

EBRD Finance Summary

EUR 97,891,856.00

Total Project Cost

EUR 286,552,256.00

Environmental and Social Summary

Categorised FI (2014 ESP). BZWBK will be required to comply with the EBRD's Performance Requirements 2, 4 and 9, adhere to the EBRD's E&S Risk Management Procedures for Corporate, SME and Micro Loans, ensure that energy efficiency sub-projects are in compliance with the national environment, social, labour and health and safety regulations and standards of Poland and submit Annual Environmental and Social Reports to the EBRD.

Technical Cooperation and Grant Financing


Company Contact Information

Pawel Kolodzinski
(+48) 225341799
Santander Bank Polska S.A., al. Jana Pawla II 17, 00-854 Warszawa, Poland

Implementation summary

EBRD invested PLN 150 million in Polish zloty-denominated subordinated bond issued in April 2018 by Santander Bank Polska (formerly Bank Zachodni WBK {"BZ WBK"}; in September 2018 BZ WBK changed its legal name to Santander Bank Polska S.A.), as part of SBP's total aggregate issuance of PLN 1 billion. The project supported EBRD's Green Economy Transition approach in Poland via SBP - SBP allocated 140% of EBRD's invested funds towards funding construction of certified commercial and residential projects which meet the GET eligibility criteria for greenfield projects, in compliance with internationally accepted certification schemes. The project also strengthened the capital adequacy of a systemic bank in Poland and contributed to capital market development of the country.

PSD last updated

24 Feb 2021

Understanding Transition

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

Business opportunities

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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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