Translated version of this PSD: Polish
Investment in Polish zloty-denominted subordinated bonds for an amount of PLN 138,500,000 (EUR 32.7 million) as part of a total aggregate issuance of PLN 750 millon (EUR 174 million) by Bank Polska Kasa Opieki S.A. ("Bank Pekao S.A." or the "Issuer"), a public company incorporated in Poland and the country's third largest commercial bank.
Bank Pekao has committed to allocate the equivalent of 150 per cent of the proceeds from EBRD investments in the bonds to finance energy efficiency improvements of commercial energy efficiency projects achieving energy savings 20% above the national standard as well as certified commercial and residential projects which meet the GET eligiblity criteria in compliance with internationally accepted certification schemes.
The project will support the Bank's Green Economy Transition ("GET") approach in Poland via Bank Pekao allocating funds towards projects meeting GET eligibilty criteria.
The project will also strengthen the capital adequacy of a systemic bank in Poland and contribute to the development of the country's capital market.
BANK POLSKA KASA OPIEKI SA (BANK PEKAO)
Bank Pekao is the third largest commercial bank in Poland by total assets with a market share of 10 per cent as of 3Q18. Bank Pekao was incorporated in 1929 and had been listed on the Warsaw Stock Exchange (WSE) since 1998 in the WIG20 index. The market capitalisation amounted to almost EUR 6.8 billion as of 7 February 2019. Bank Pekao is rated BBB+ (stable) by Fitch, BBB+ (stable) by S&P and A2 (stable) by Moody's.
EBRD Finance Summary
Total Project Cost
Environmental and Social Summary
Categorised FI (ESP 2014). Bank Pekao will be required to comply with the EBRD's Performance Requiremets 2, 4 and 9, and submit Annual Environmental and Social Reports to the EBRD.
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