FIF - Addiko Bank Serbia SME II

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

Provision of a senior unsecured loan to Addiko Bank Serbia ("ABS") of EUR 20 million under the Financial Intermediaries Framework ("FIF") for on-lending to small and medium enterprises (SMEs) in Serbia. The loan is also an important resource to SMEs in the context of the Covid-19 crisis response and the post-crisis recovery, allowing uninterrupted access to mid-term financing.

Project ID 51604

Status Complete

Location

Serbia

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Petar Ivkovic
petar.ivkovic@addiko.com
+381112226532
www.addiko.rs
Bulevar Mihajla Pupina 6, Belgrade, Republic of Serbia

Project ID 51604

Status Complete

Location

Serbia

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

27 Apr 2021

Disclosure date

22 Apr 2021

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

FIF - Addiko Bank Serbia SME II (Serbian) (PDF, 0.39MB)

Project description

Project objectives

The proposed project will improve access to finance for SMEs, which are the main source of employment in the private sector and a major contributor to the economy in Serbia. The bank is successfully implementing a SME-focused strategy and well-positioned to provide much needed financing to smaller businesses in the country via its regional branch network. The focus will also be on lending in the regions outside the capital and attracting new SME clients.

Transition impact

ETI Score:60

ject contributes to the objectives of the EBRD Financial Intermediary Framework, supporting the Competitive and Resilient transition qualities.

The project improves the availability of medium-term funding for SMEs, which are the main source of employment in the private sector and a major contributor to the economy.

With its wide regional outreach and SME-focused strategy, ABS is well-positioned to provide much-needed financing to smaller businesses and to contribute to the development of SMEs in the country.

The focus will also be on lending in the regions outside the capital, attracting new SME clients and maintaining adequate portfolio quality.

Client information

ADDIKO BANK AD BEOGRAD

Addiko Bank Serbia ("ABS") is a mid-sized bank in Serbia with a market share of 2.7% by its loan book and 2.2% by its total assets, ranked as the 14th largest out of 26 operating banks on the market as of 2020-end. It operates via 37 branches and aims to grow its presence on the market via direct and indirect sales channels (internet and agent network).

EBRD Finance Summary

EUR 20,000,000.00

Total project cost

EUR 20,000,000.00

Additionality

The EBRD loan will provide much-needed long term financing, which will support the market segment as a whole and enable the continuation of the successful implementation of previous projects. EBRD along with other IFIs is one of the rare providers of long term funding which local banks need in order to decrease maturity mismatch on their balance sheets.

ABS will be following and enforcing clearly defined eligibility criteria for sub-borrowers, EBRD environmental and social standards, higher financial covenants and reporting requirements, thus contributing to the competitiveness and resilience of the financial sector as intended under the FIF Framework.

Environmental & Social Summary

Categorised FI (2019 ESP). ABS is an existing client of the Bank and its performance to date for existing exposures has been satisfactory. ABS will be required to comply with EBRD's PRs 2, 4 and 9, including the FI Referral List for any sub-projects that include activities listed in Appendix A to PR 9 and implement the EBRD's E&S Risk Management Procedures for Micro, SME and Corporate lending which include adherence to the EBRD's Environmental and Social Exclusion List and submission of annual E&S reports to the Bank. Sub-borrowers financed through ABS' loan will be required to comply with the national environmental, health, safety and labour (EHSL) requirements.

Technical Cooperation and Grant Financing

N/A

Company Contact Information

Petar Ivkovic
petar.ivkovic@addiko.com
+381112226532
www.addiko.rs
Bulevar Mihajla Pupina 6, Belgrade, Republic of Serbia

PSD last updated

22 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 the 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 its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) 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 also requires its clients to disclose information, as appropriate, about the risks and impacts of 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 of the Bank's activities 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 EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either 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. OCCO will follow-up all matters reported. It will review all matters reported. 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, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. 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 (for example, 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 the 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 and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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FIF - Addiko Bank Serbia SME II

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)