The project consists of a subscription to newly issued PBK shares. Following this investment of SK 340 million (ECU 9.1 million), the EBRD will own about 20 per cent of PBK's capital and voting rights.
The project aims to strengthen the capital base of a regional bank in the Slovak Republic. This will allow it to take full advantage of future growth opportunities in the market place and to support its on-lending activity to private sector companies of prime credit quality.
The project will increase competitive pressure in the Slovak banking sector and is likely to contribute to innovation of services and products and to improve the service provided to customers. An indirect contribution to the transformation of the local economy will result from the on-lending to local enterprises on the basis of criteria and standards which are of international quality levels.
Priemyselná banka a.s. Košice (PBK) was established in December 1991 by the Confederation of Industry of the Slovak Republic and started its operations in 1992. Its head office is located in Košice, the second-largest industrial city in the country. Since its establishment, PBK has focused its activities on providing corporate banking services, in particular short and medium-term loans to its local clients. PBK's main objective is to become the leading private medium-sized bank in the central eastern part of the Slovak Republic.
The EBRD will subscribe to newly issued ordinary shares of PBK. Following the investment of SK 340 million (ECU 9.1 million), the EBRD will own about 20 per cent of the capital and voting rights of PBK.
The total project cost is SK 340 million (ECU 9.1 million).
The project has been classified as FI and therefore does not require an Environmental Analysis or an Environmental Audit. PBK has already developed and adopted, in the conduct of its business activities, environmental procedures in accordance with the Bank's Environmental Guidelines for Financial Intermediaries.
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