Translated version of this PSD: Polish
Project Description
The EBRD invested PLN 166 million (EUR 38.7 million equivalent) in a subordinated bond issued by Bank Millennium S.A. as part of a total aggregate issuance of PLN 830 million (EUR 193.5 million equivalent). This is the second subordinated bond issued by Bank Millennium S.A. on the Polish market. The Tier 2 capital eligible bonds have a 10-year maturity, are callable after five years and will be listed on the Warsaw Stock Exchange.
Project Objectives
With this investment, EBRD is seeking to support the optimisation of Bank Millennium S.A. capital structure by increasing the weight of Tier 2 instruments and MREL-eligible funding base, in line with the regulatory requirements to be defined at European and local level.
EBRD provided support to Bank Millennium S.A. bond issuance, mobilising the institutional investor base and contributing to the development of the Polish capital market.
Transition Impact
The project supports the Bank's Green Economy Transition ("GET") approach in Poland via Bank Millennium allocating 150% of the EBRD funds towards funding certified commercial and residential projects which meet the GET eligibility criteria.
The project also strengthens the capital adequacy of one of the biggest banks in Poland.
Client Information
BANK MILLENNIUM SA
Bank Millennium S.A. is the 6th largest commercial bank in Poland by total assets. It was established in 1989, it is majority owned by Banco Commercial Portugues SA and it is listed on the Warsaw Stock Exchange. Bank Millennium S.A. is rated BBB-/Baa2 (Fitch/Moody's). It operates a traditional universal banking model and has a well-established (mostly retail focused) market franchise.
EBRD Finance Summary
PLN 166,000,000
Total Project Cost
PLN 830,000,000
Environmental and Social Summary
Categorised FI (ESP 2014). Bank Millennium S.A. is an existing client of the Bank and is in compliance with the EBRD's Performance Requirements (PRs) 2, 4 & 9 under existing exposures.
BM is satisfactorily managing E&S risks within the bank's existing portfolio by applying the EBRD's Environmental and Social Risk Management Procedures and has submitted Annual Environmental and Social Reports (AESRs) to the Bank.
Technical Cooperation
None.
Company Contact Information
Rawa Pawel, Financial Institutions Department
pawel.rawa@bankmillennium.pl
Business opportunities
For business opportunities or procurement, contact the client company.
For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com
General enquiries
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com
Public Information Policy (PIP)
The PIP 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. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP
