Primsotsbank Equity investment

Location:

Russia

Project number:

36582

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

19 Sep 2006

Status:

Complete

PSD disclosed:

18 Aug 2006

Project Description

Equity investment in Primsotsbank by subscribing to newly issued ordinary shares representing up to 12.5% of the bank’s total capital.

Transition Impact

This investment will support a Russian bank based in the Far East with good regional coverage and potential to develop further its distribution network and provide high quality services to SMEs and retail customers.

The investment is also designed to support the corporate governance and institutional improvements that are already under way in Primsotsbank.

The Client

Primsotsbank, a privately owned Russian bank established in 1993 and located in the Far East with a good regional network and a strategic focus on SME and retail lending.

EBRD Finance

To be confirmed.

Project Cost

To be confirmed.

Environmental Impact

Primsotsbank will be required to adopt the EBRD’s Environmental Procedures for Intermediated Financing through Local Banks and to apply these procedures to the whole range of its commercial lending operations. This includes adherence to the FI Environmental Exclusion and Referral List, compliance with the applicable national environmental, health and safety and labour legislation, appointment of a member of senior management with overall responsibility for the implementation of environmental procedures, and submission of annual environmental reports to EBRD.

Technical Cooperation

TC, estimated at EUR 250,000, may be provided at a later stage within the Regional Institution Building Framework.

Company Contact

Ms. Olga Ivaschuk
Head of International Banking Department
e-mail: olga@pskb.com

Telephone: +7 4232 –300299
Fax: +7 4232 – 422076

 

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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