Meritum Bank Equity Investment

Location:

Poland

Project number:

40198

Business sector:

Notice type:

Private

Environmental category:

FI

Approval date:

26 Oct 2010

Status:

Signed

PSD disclosed:

28 Sep 2010

Translated version of this PSD: Polish

Project Description

The EBRD is considering a PLN 10.7 million follow-on equity investment in Meritum Bank ICB S.A. The investment will be in addition to the original investment, made in the first half of 2011, and will aim to support Meritum Bank’s gradual transformation from a fast-growing market entrant into an established market player in consumer finance and MSE market segments.

Transition Impact

The project is in line with EBRD economic transition objective to strengthen Polish financial system. The project will also aim to improve penetration of banking services in the segment of micro and small enterprises, which has been insufficiently catered-for by traditional banking services.

The Client

Meritum is a small private bank in Poland, focused on consumer finance and MSME lending. The Company is headquartered is the city of Gdansk and operates through a national network of over 120 branches.

EBRD Finance

PLN 10.7 million equity investment into newly issued shares of Meritum Bank. The new shares will be issued in connection with a PLN 43.8 million capital increase programme, with pro-rata participation by the other major shareholders of Meritum Bank.

Project Cost

PLN 10.7 million.

Environmental Impact

Categorised FI: Meritum Bank, an existing client of EBRD, will need to maintain its existing environmental and social procedures and management systems in line with PRs 2 and 9, and continue applying these across its lending portfolio. Monitoring will consist of a review of Annual Environmental Reports prepared by Meritum Bank and submitted to the EBRD for approval.

Technical Cooperation

None.

Company Contact

TBA

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

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 how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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