RF - UniCredit Bank Serbia



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

10 Jun 2020



PSD disclosed:

26 May 2020

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

This project was approved as part of the Bank's response to the Covid-19 pandemic.  To avoid delays to the delivery of this project, the Bank's President granted a deviation from the ordinary timelines for PSD disclosure, as contemplated by Section V of the Directive on Access to Information.  Details of the Bank's response to Covid-19, and this deviation, can be found on our website.

Provision of a senior unsecured loan to UniCredit Bank Serbia ("UCB" or the "company") of up to EUR 75 million, under the Bank's Resilience Framework ("RF") developed to address the economic impact of the Covid-19 pandemic. Proceeds of the proposed loan will be on-lent to local private small and medium-sized enterprises ("SMEs"), corporates and municipalities to cover liquidity needs that may arise as a result of Covid-19.

Project Objectives

The proceeds of the loan will help the company to continue lending to eligible corporates, SMEs and municipalities in Serbia by providing liquidity in the time of crisis following the Covid-19 pandemic.

Transition Impact

ETI score: 70

The project will contribute to ensure resilience and preserve competition in the financial sector of the Serbian economy. The facility will help UCB to maintain the full level of its operations, remain an effective market player during the Covid-19 pandemic (resilient) and will enable UCB to continue commercial lending in line with comparable banking sector participants (competitive).

Client Information


UCB is the second largest bank in Serbia (measured by total assets) with 11.5% market share and a strong foothold in the corporate sector (65% of the gross loan portfolio) and an increasing focus on the retail sector. UCB is 100% owned by UniCredit Spa, Italy.

EBRD Finance Summary

EUR 75,000,000.00

Total Project Cost

EUR 75,000,000.00


EBRD financing effectively bridges a liquidity gap due to adverse market conditions caused by the impact of the Covid-19 pandemic and will allow UCB to continue lending to eligible corporates, SMEs and municipalities in Serbia.

Environmental and Social Summary

Categorised FI (ESP 2019). UCB will be required to comply with PRs 2, 4 & 9, and further, implement and comply with the relevant EBRD's Environmental & Social (E&S) Procedures. Beneficiaries financed through the Facility will be required to comply with national requirements for environment, health and safety and labour standards. The Client's E&S performance will be monitored through the annual review of the E&S report.

Technical Cooperation and Grant Financing


Company Contact Information

Milan Davidovic
Jurija Gagarina 12, Belgrade, Serbia

Implementation summary

The Project provided UCB with the needed liquidity and enabled the bank to stay resilient and competitive amidst the crisis. The Project assisted the continued functioning of the Serbian economy by helping eligible corporates, SMEs and municipalities to address challenges brought up by the current crisis. This was achieved by providing the necessary liquidity to support businesses suffering from the direct and indirect economic impacts of the COVID-19 pandemic and the majority of funding was directed towards the SME segment. The availability of short-term financing during the COVID-19 crisis supported UCB's efforts to keep providing financing to the Serbian economy. UCB is long-standing partner of the Bank with proven track record, strong orientation to the corporate segment and adequate expertise which allowed it to efficiently reach SMEs, corporates and municipalities and provide emergency liquidity support. The proposed EBRD loan was complementary to the crisis response measures introduced by the Serbian Government and provided necessary support to UCB in their response to client needs.

PSD last updated

05 Jul 2022

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
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

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 compliance@ebrd.com. 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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.


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