Project Description
RON 135 million investment by EBRD in a senior unsecured bond issued by UniCredit Bank S.A., as part of a local issuance of RON 488.5 million. The bond has a maturity of 5 years and will be listed on the Bucharest Stock Exchange.
Project Objectives
The proceeds of EBRD's investment in the bond will further enhance the lending capacity of UniCredit Bank SA, a Romanian bank of systemic importance, and will be channelled for on-lending to businesses in Romania that have been directly or indirectly affected by economic consequences of the war on Ukraine, with the ultimate goal of preserving livelihoods in the country.
Transition Impact
ETI score: 65
The transition impact of the project stems from the following qualities:
Resilient - the project will support a systemic bank's resilience to market shocks and diversify its funding structure.
Inclusive - the project will enable UniCredit Bank SA to further increase financing to private businesses affected directly or implicitly by the impacts of the war on Ukraine, enabling them to remain operational, thus safeguarding the resilience of their human capital and sustaining the livelihood of entrepreneurs and that of their workforce.
Client Information
UNICREDIT BANK SA
UniCredit Bank SA is a Romanian bank of systemic importance; and part of UniCredit, a pan-European commercial banking group with service offering in Italy, Germany and Central and Eastern Europe.
UniCredit Bank SA is rated by Fitch as BBB (stable) as of December 2022.
EBRD Finance Summary
RON 135,000,000.00
Total Project Cost
RON 488,500,000.00
Additionality
Financing structure and risk mitigation: EBRD financing provides (i) funding in local currency in a market with reduced RON liquidity, and (ii) funding diversification in an environment of high market volatility; EBRD's participation as an investor in the bond catalysed the market to support this capital market issuance by UniCredit Bank SA.
Environmental and Social Summary
Categorised FI (ESP 2019): UniCredit Bank Romania is an existing client of EBRD and performance on environmental and social (E&S) issues to date has been satisfactory and complies with the EBRD's Performance Requirements (PRs) 2, 4 and 9 under existing exposures. For this transaction UniCredit Bank Romania will be required to continue to comply with PRs 2, 4 & 9, adhere to the EBRD's E&S requirements and submit AESRs to the Bank.
Company Contact Information
nullwww.unicredit.ro
Bd. Expozitiei Nr. 1F, Sect. 1, Bucuresti, Cod Postal 012101, Romania
PSD last updated
26 Dec 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
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 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 compliance@ebrd.com. 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 ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.
