NBG's senior preferred green bond



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

16 Sep 2020



PSD disclosed:

16 Oct 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

The EBRD invested EUR 50 million in a benchmark EUR 500 million senior preferred green bond issuance by the National Bank of Greece ("NBG"). The transaction marks the first green bond as well the first senior preferred bond issued by a Greek bank. The bonds have a 6-year maturity with a call option on the fifth year and are listed on the Luxembourg Stock Exchange.

Project Objectives

The Project supports the resilience and regulatory compliance of a systemic bank in Greece and contributes to the capital market development by supporting the issuance of new instruments by greek banks. In addition, the project supports the green targets by supporting the first issuance of a green bond by a Greek bank.

Transition Impact

ETI score: 67

The expected transition impact stems from its contribution to the Resilient and Green transition qualities:

- Resilient: The Project supports the resilience of the financial sector and markets by: (i) supporting NBG to gradually build its MREL funding base in an environment adversely impacted by Covid-19, (ii) helping NBG to diversify funding sources, and (iii) supporting the issuance of senior preferred and green bodns as new capital market instruments for Greek banks.  

- Green: The Project supports the first issuance of a Green Bond (aligned with the International Capital Market Association's Green Bond Principles) by a Greek bank with a significant demonstration effect for other potential issuers; promoting further the green agenda in Greece.

Client Information


NBG is the largest bank in Greece with consolidated assets of EUR 74.2 billion and 20% market share in lending at end-June 2020. It is listed on the Athens Stock Exchange with market capitalisation of EUR 1.1 billion. The Hellenic Financial Stability Fund is the largest sharehoder with a 40% stake, with no other shareholder owning more than 5%. NBG is rated B (S&P), Caa1 (Moody's) and CCC+ (Fitch).

EBRD Finance Summary

EUR 50,000,000.00

EUR 50,000,000

Total Project Cost

EUR 500,000,000.00

EUR 500,000,000


The Project's additionality stems from supporting NBG to successfully issue a debute senior preferred green bond in an environment destabilised by the Covid-19 crisis, supporting NBG to widen the investor base by sending a positive signal to other stable investors, and encouraging NBG's green agenda by supporting the Green Bond issuances. 

Environmental and Social Summary

Categorised FI (ESP 2019). National Bank of Greece is an existing client and will be required to comply with the Performance Requirements 2, 4 and 9 and applicable EBRD Environmental and Social Risk Management Procedures, the EBRD's Environmental and Social Eligibility Criteria for wind and solar projects (or any other renewable energy projects, if applicable), and submit annual environmental and social reports to the EBRD. 

Technical Cooperation and Grant Financing


Company Contact Information

Apostolos Mantzaris
+30 210 48 48 484
National Bank of Greece S.A. Eolou 86, 10559 Athens, Greece

PSD last updated

16 Oct 2020

Understanding Transition

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

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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.

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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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