Zagreb Stock Exchange



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

11 Nov 2015



PSD disclosed:

07 Dec 2021

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

 In 2015, the EBRD acquired an equity stake in Zagreb Stock Exchange ("ZSE" or "Company") via a capital increase alongside institutional investors. The project supported the development of the financial infrastructure and corporate governance at ZSE.

Project Objectives

The investment was an important step of EBRD's efforts to facilitate capital markets consolidation in Central and South-Eastern Europe. The project followed EBRD's acquisition of a minority stake in the Bucharest Stock Exchange and the Bank's support for SEE Link, a project designed to create connectivity among exchanges in SEE.

The project was in line with the EU's Capital Markets Union ("CMU") initiative to create open and efficient cross-border capital markets. Furthermore, the project supported the Markets in Financial Instruments Directive II ("MiFID 2") objectives for establishing SME growth markets and uniform SME listing requirements.

Transition Impact

The transition impact related to (i) demonstration of successful restructuring, (ii) framework for markets (the transaction supported a unified market access) and (iii) setting Corporate Governance standards (EBRD's board nominee would seek to achieve the formulation of a viable long-term strategy).

Client Information


Zagreb Stock Exchange was established in 1991 and offers cash-equities and bond trading, a selection of structured products and trading data related services. On December 2015, ZSE acquired LJSE, forming a strategic opportunity to start regional consolidation and improve market access to the Slovenian and Croatian capital markets.

EBRD Finance Summary

EUR 798,042.14

Equity investment in ZSE's capital resulted in an EBRD stake of c. 5.18%.

Total Project Cost

EUR 2,498,042.14


EBRD's equity participation on ZSE's capital increase supported ZSE's raising of funds required to acquire Ljubljana Stock Exchange ("LJSE"). Moreover, EBRD's participation to ZSE's capital increase supported the Company's technical listing on 31 August 2016.

Environmental and Social Summary

Categorised FI (ESP 2014). ZSE was in compliance with EBRD PRs 2 and 4. ZSE did not have an E&S Policy in place however, the environmental and social risks associated with the activities of ZSE are limited and while PR9 applied, no specific environmental and social risk management requirements were required. ZSE ensured that it does not support any activities listed on the EBRD's E&S Exclusion list and submit Annual Environmental and Social Reports for Stock Exchanges to the Bank.

Technical Cooperation and Grant Financing


Company Contact Information

Zagreb Stock Exchange
+385 1 4686 800
+385 1 4677 680
Ivana Lucica 2a 10000 Zagreb

Implementation summary

The project was an important step of EBRD's efforts to facilitate capital markets consolidation in Central and South-Eastern Europe, by supporting the successful merger of two regional stock exchanges at a time when local funding was not readily available given the non-core nature of the exchanges for local banks. Additionally, the project supported the Zagreb Stock Exchange ("ZSE" or the "Company") technical listing, resulting in mobilisation of Pension Funds, which according to regulation were only eligible to invest in listed entities.

Following EBRD's investment at the end of 2015, ZSE's operational efficiency improved through synergies created after the merger, making the Company profitable from 2018 onwards. Additionally, during 2020, further capital markets consolidation was achieved, as ZSE acquired 5.3% of Macedonian Stock Exchange, with the Company targeting to increase its equity stake to around 15% in 2021.

The project is in line with the EU's Capital Markets Union (CMU) initiative to create open and efficient cross-border capital markets and supports the Markets in Financial Instruments Directive II (MiFID 2) objectives for establishing SME growth markets and uniform SME listing requirements. In addition, the project contributes to overall competition by supporting the merged exchanges to join SEE Link, an initiative designed to create connectivity among exchanges in South Eastern Europe.

PSD last updated

23 Dec 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

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

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 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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