Project number:


Business sector:

Financial institutions

Notice type:


Environmental category:


Approval date:

22 Jul 2022



PSD disclosed:

20 Sep 2022

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

An investment of €80 million in CRR compliant AT1 capital instrument to be raised by Nova Ljubljanska Banka d.d. ("NLB"). It would be the first such capital instrument to be placed by a Slovenian bank. The AT1 instrument would be rated and listed on the Luxembourg Stock Exchange.

Project Objectives

With this investment, EBRD is seeking to make a tangible contribution to NLB's resilience, by improving the quality of NLB's capital base, supporting capital optimisation and growth strategy as well as facilitating the meeting of regulatory requirements.  

Transition Impact

ETI score: 61

The expected transition impact stems from the resilient and competitive transition qualities:

  • Resilient: The Project will strengthen and optimise the capital structure of a systemic banking group in Slovenia with strong regional presence, supporting its growth ambitions, improving the Group's resilience, and will facilitate introduction of a new instrument to the Slovenian market.
  • Competitive: NLB would allocate 2.5x the amount of EBRD proceeds for financing of MSME clients across the countries where NLB Group operates. The Project supports continued funding flow to MSMEs, including those affected by the war in Ukraine, boosting their competitiveness in a challenging environment. 

Client Information


NLB is the largest banking group in Slovenia with ~30%market share by total assets. NLB is classified as other systematically important institution (O-SII) in Slovenia and is part of NLB Group that has operations in five Wester Balkan countries. As of end-H1 2022, NLB Group had total assets of €23 billion and total equity of €2.3 billion. Following NLB's privatisation in 2018, the stake of Republic of Slovenia ("RoS") in NLB declined from 100% to 25%. NLB is listed on Ljubljana and London Stock Exchange. NLB's credit rating is Baa1 (stable) by Moody's and BBB (stable) by S&P.




EBRD Finance Summary

EUR 80,000,000.00

Total Project Cost

EUR 80,000,000.00


The project demonstrates strong additionality by offering tenor and a financing structure that is not available on the market on commercial terms. AT1 is a perpetual instrument with no incentive to redeem and NLB will be the first Slovenian bank to issue such instrument. In the current environment of highly disrupted capital markets, EBRD's role is instrumental for NLB's ability to raise AT1 capital  and consequently continue the flow of credit to MSMEs, including those directly and indirectly impacted by the economic uncertainty related to the war in Ukraine. 

Environmental and Social Summary

Category FI (2019 ESP). NLB is an existing client of the Bank with experience of applying the EBRD's EHSS Procedures, and with the internal capacity to manage EHS issues to the standards required by the Bank. For the proposed transaction, NLB would be required to apply PR2 and 4 to their own staff and apply the Bank's EHSS Procedure for Corporate, Micro and Small Loans to the lending activities associated with the allocation of funds being made by the client. These lending activities will also require to adhere to the Banks Environmental and Social Exclusion List; and adhere to the PR 9 requirements for Cat A Projects and the Referral List as updated in the 2019 policy. The Company will be required to report to the Bank on PR compliance and the associated lending activities.

Technical Cooperation and Grant Financing


Company Contact Information

Valerija Pesec, Head of Investor Relations
+ 386 1 476 9122

PSD last updated

23 Sep 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

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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