Translated version of this PSD: Polish
The EBRD is considering investments in a series of senior unsecured bonds to be issued by Bank Millennium S.A. (“Millennium”) on the Polish capital market in local currency. The Project comes under the Polish Financial Institutions Debt Capital Market Framework launched in December 2013 and extended further in December 2014.
Initial investment of the EBRD in Millennium’s senior unsecured bonds was approved and took place in March 2014. Potential subsequent investments were approved on 10 June 2015.
The bonds will support Millennium’s sustained access to medium-term funding via the domestic debt capital market and facilitate its loan portfolio growth. They will allow the bank to diversify its funding base and strengthen its liquidity profile. As a consequence Millennium will be able to expand its presence and activities on the domestic market which is expected to benefit real sector of the economy.
The transition impact is derived from:
Market expansion: the proposed bond issuance will contribute to further building the critical mass of outstanding quality non-sovereign capital market instruments needed to create pricing benchmarks, develop market liquidity and attract institutional investors in Poland.
Demonstration of balance sheet restructuring towards longer term liabilities which will match long term assets.
- Maintaining high standards for transparency and reporting.
Bank Millennium S.A is Poland’s 7th biggest bank by assets as of YE 2014. It is a universal bank with the focus on retail banking and strengthening position in corporate sector, offering its services via 418 branches and electronic banking channels. The bank is listed on the Warsaw Stock Exchange and majority owned by Banco Comercial Portugues (50.1%), the second largest bank in Portugal.
Investment in the senior unsecured bonds of PLN 42 million in March 2014. Potential subsequent investments were approved on 10 June 2015, with PLN 60 million invested in June 2015.
Up to PLN 102 million.
Environmental and social categorisation, impact, and mitigation
Categorised FI. Millennium is required to comply with EBRD's Performance Requirements 2 and 9 and submit annual reports to the EBRD on environmental and social matters and on the implementation of the Performance Requirements.
For Category A projects, this section will need to be updated on an annual basis.
Pawel Rawa – Director of Financial Institutions Department
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