RF - Erste Bank Serbia



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

24 Mar 2021



PSD disclosed:

17 Feb 2021

Project Description

Provision of a senior unsecured loan to Erste Bank Serbia ("EBS") of up to EUR 25 million under the Bank's Resilience Framework ("RF"), developed to address the economic impact of the Covid-19 pandemic. The proceeds of the proposed loan will be on-lent to local private small and medium-sized enterprises ("SMEs"), corporates and municipalities in Serbia to cover liquidity needs that may arise as a result of Covid-19.

This project was approved in the context 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.

Project Objectives

The proceeds of the loan will help EBS 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 EBS to maintain the full level of its operations, remain an effective market player during the Covid-19 pandemic (resilient) and will enable EBS to continue commercial lending in line with comparable banking sector participants (competitive).

Client Information


EBS is a dynamic bank focused on operations with retail clients, municipalities and small and medium-sized enterprises, with an experienced management team and consistently strong performance. The bank has a market share of 6 per cent and is ranked 6th by total assets among 26 banks operating in Serbia. It is a subsidiary of Erste Group, an Austria-based banking group with a 200-year tradition, one of the largest financial services providers in the Central Eastern and South Eastern regions of Europe in terms of clients and total assets. EBS is a systematically-important bank in Serbia according to  Central Bank classification

EBRD Finance Summary

EUR 25,000,000.00

Total Project Cost

EUR 25,000,000.00


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

Environmental and Social Summary

Categorised FI (ESP 2019). EBS is an existing client and its performance to date for existing exposures has been satisfactory. EBS will be required to continue to comply with  PRs 2, 4 and 9, implement the EBRD's E&S Risk Management Procedures for Corporate, SME and Micro Loans including adherence to the expanded EBRD E&S Exclusion List and Referral List introduced with ESP 2019 and submit annual E&S reports to the Bank. Sub-borrowers financed through EBS's loan will be required to comply with national environmental, health, safety and labour (EHSL) requirements. The overall risk portfolio of the investments foreseen under this facility is low to medium risk, and EBS has appropriate procedures in place to manage such investments.

Technical Cooperation and Grant Financing


Company Contact Information

Gordana Zivanov
+381 (0)21 489-0621
Milutina Milankovica 3a 11070 Novi Beograd

PSD last updated

21 Apr 2021

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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