PKO BP SA Powszechna Kasa Oszczednosci Bank Polski

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

EBRD invested EUR 50 million in senior preferred bonds placed by PKO BP S.A. Powszechna Kasa Oszczednosci Bank Polski S.A. (PKO BP, or the Issuer) as part of a EUR 750 million inaugural bail-an-able issuance to be listed on the Luxemburg and Warsaw Stock Exchanges. The bonds have a 3-year remaining maturity with a call option in 2-years.

Project ID 53836

Status Signed

Location

Poland

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

Agnieszka Zdziennicka
agnieszka.zdziennicka@pkobp.pl
+48 22 778 86 04
www.pkobp.pl
PKO Bank Polski S.A. Ul. Migdałowa 4 02-796 Warszawa Poland

Project ID 53836

Status Signed

Location

Poland

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

20 Jul 2022

Disclosure date

02 Feb 2023

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.

PKO BP SA Powszechna Kasa Oszczednosci Bank Polski (Polish) (PDF, 0.27MB)

Project description

Project objectives

The project supports the resilience and regulatory compliance of PKO BP, a systemically important institution in Poland, building resilience to market shocks by contributing to the gradual build-up of its loss absorption capacity in the form of eligible bail-in-able instruments. The project also delivers on the Bank's green agenda and national green economy priorities for Poland.

Transition impact

ETI Score:64

expected transition impact of the project stems from its contribution to the Resilient and Green transition qualities.

The project contributes the Resilient transition quality by helping a systemically important bank in Poland to meet its regulatory requirements towards a loss absorbing funding base as well as building its resilience to market and regulatory shocks.

The Green transition quality is underpinned by the green use of proceeds. PKO BP will allocate 2x of EBRD's investment for financing green projects in line with the EBRD's Green Economy Transition eligibility criteria for Poland, primarily residential real estate thermo-modernisations.

Client information

PKO BP SA POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI

PKO BP S.A. Powszechna Kasa Oszczednosci Bank Polski S.A.

PKO BP is Poland's largest financial group, accounting for around 16% of sector's assets, 17.4% of loan portfolio, and 17.8% of deposits. The bank had total consolidated assets of PLN 439 billion (EUR 90.4 billion) as of 30 September 2022. The State Treasury is PKO BP's largest stakeholder, with a 29.43% stake as of December 30, 2022. Nationale Nederlanden pension fund holds 8.15% and Aviva pension fund holds 7.26% of total shares.

EBRD Finance Summary

EUR 150,000,000.00

EBRD invested EUR 50 million.

Total project cost

EUR 850,000,000.00

Issuance size of EUR 750 million.

Additionality

The project exhibits strong additionality by i) bridging the funding gap to ensure regulatory compliance with the MREL requirement at a time of heightened market volatility amplified by geopolitical risk and fragility of investors' appetite, and (ii) encouraging PKO BP's green agenda by promoting financing of green projects in line with EBRD's GET criteria.

Environmental & Social Summary

Categorised FI (ESP 2019), PKO BP is an existing client of the Bank and will be required to continue to comply with EBRD's Performance Requirements 2, 4 and 9 and to report annually to the Bank on ESHS issues and performance. As for all capital market transactions, the use of EBRD's funding under this project for Category A projects is excluded. The funding allocated towards GET-eligible projects will need to follow the E&S Eligibility Criteria for renewable energy projects, if such projects are being financed.

Technical Cooperation and Grant Financing

N/A

Company Contact Information

Agnieszka Zdziennicka
agnieszka.zdziennicka@pkobp.pl
+48 22 778 86 04
www.pkobp.pl
PKO Bank Polski S.A. Ul. Migdałowa 4 02-796 Warszawa Poland

Implementation summary

N/A

PSD last updated

02 Feb 2023

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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PKO BP SA Powszechna Kasa Oszczednosci Bank Polski

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

Implementation summary

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)