Project Acropolis



Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

16 Jun 2021



PSD disclosed:

23 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

The provision of a senior loan of € 50 million to Cepal Hellas Financial Services Single Member SA (Cepal), together with Alpha Bank SA (total amount of € 105 million), under the NPL Resolution Framework (Framework). 

Project Objectives

The Project facilitates the reduction of NPLs in Greece, which would help in cleaning up the banks' balance sheets and freeing up capacity for new lending, thus strengthening financial resilience in the country.

Transition Impact

ETI score: 80

The Project will support the Framework TI qualities by enhancing both the market's (i) resilience through the enhancement of one of the leading independent (non-bank-owned) NPL servicers in Greece and (ii) competitiveness by enabling further business expansion of an established NPL servicer, thereby fostering competition and ultimately improving the servicing quality and capacity of the market.

Client Information


Cepal is one of the leading NPL servicers in Greece, specialising in providing servicing management for loan and credit receivables, regulated by the Bank of Greece.

EBRD Finance Summary

EUR 50,000,000.00

€ 50,000,000.00

Total Project Cost

EUR 105,000,000.00

€ 105,000,000.00


The EBRD loan will offer (i) a tenor and volume, which is respectively above the market average and large enough to fill the funding gap, and necessary to structure the project, and (ii) risk mitigation by providing the loan alongside Alpha Bank, a long-standing client of the EBRD's, thereby providing comfort and support to enable the project.

Environmental and Social Summary

Cepal will be required to comply with the EBRD's Performance Requirements 2, 4 and the stipulations from PR9 which are relevant to NPL portfolios. Cepal will be required to manage the portfolio in line with its code of conduct and the Greek code of conduct for NPLs, and submit annual reports to the EBRD on its compliance with the PRs. Cepal has an adequate Environmental and Social Management System in place to manage the risks related to NPL portfolios, which are deemed to be generally low, including procedures for the debt collection process and a Code of Conduct.

Technical Cooperation and Grant Financing


Company Contact Information

Cepal Hellas Financial Services Single Member S.A.
(+30) 213 0887600

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.


Share this page: