The EBRD is considering a further equity investment in Pol'nobanka by participating in the recently approved capital increase. SPB has experienced considerable growth over the past years. In order for SPB to maintain its market share and to continue to offer additional banking services to its customers, it is necessary to strengthen its capital as its current capital level does not allow for increases in risk-weighted assets. Proceeds of the capital increase will be used by SPB to improve its asset/liability structure, to cover the completion of the IT investment and branch network, to strengthen the capital base in order to leverage additional lending to private enterprises and to maintain good capital adequacy.
The capital increase will assist the development of a private sector financial institution which is expected to continue to play a leadership role in innovative financing and quality services to the private sector, and to small and medium-sized enterprises in particular.
Pol'nobanka (SPB) was established in June 1996 as a joint-stock company. Initially it was set up as an agricultural bank to assist this sector with future developments in the Slovak Republic. Operations started at the beginning of 1991 when it received a full bank licence. While it continues to be a leading specialist bank in the agricultural sector, it has evolved into a full-service commercial bank operating across a broad range of industries. It is today the fourth-largest bank in the Slovak Republic, based on total assets and outstanding loans.
Since 1993 the EBRD has been one of the major shareholders, owning 20 per cent of Pol'nobanka's share capital. It is now considering a further equity investment through participation in the capital increase approved at SPB's Annual General Meeting on 25 June 1996.
The approved capital increase amount is SSK 600.6 million (ECU 15.6 million equivalent).
C/0: The project does not require an environmental analysis or an environmental audit. SPB is already implementing environmental appraisal procedures in line with EBRD guidelines. This provides for a requirement that investees comply with national/local health, safety and environmental regulations and standards. SPB will submit annual environmental reports to the EBRD.
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