PROJECT BRIDGE

Location:

Slovak Republic

Project number:

23930

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

29 Apr 2003

Status:

Completed

PSD disclosed:

24 Oct 2001

Project Description

Potential equity investment of up to 20 per cent in Slovenska Poistovna (SP), the largest non-life and life insurance provider in the Slovak Republic, alongside a qualifying strategic investor as part of the company’s privatisation. The investment will support the restructuring of SP and, in particular, its institutional strengthening and the expansion of its product portfolio. In addition the project will support the development of enhanced marketing and distribution capabilities and the continued disposal of non-core equity investments.

Transition Impact

The project will support the development of SP, bringing additional technical know-how to the company (both in terms of training for local employees and through the development of new systems and products) and aid the development of the Slovakian insurance market. It will also act as a model for other similar projects, stemming in particular from improved corporate governance.

The Client

SP is the largest insurance company in the Slovak Republic providing both life and non-life insurance products. In 2000, SP had a 56 per cent non-life market share and a 36 per cent life market share. With four regional offices, 34 branches and 108 representative offices, SP operates across the whole of the Slovak Republic.

EBRD Finance

Equity investment up to a maximum of 20 per cent. Cost to be determined.

Project Cost

To be determined.

Environmental Impact

SP will be required to conduct its insurance and asset management operations in accordance with the EBRD’s Environmental Guidelines for the Insurance Sector.

Technical Cooperation

None.

Company Contact

 

Business opportunities

For business opportunities or procurement, contact the client company.

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Text of the PIP

Project Complaint Mechanism (PCM)

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Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.