PZU Eurobonds

Location:

Poland

Project number:

45824

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Approval date:

26 Nov 2013

Status:

Complete

 

Translated version of this PSD: Polish
 
Project Description

EBRD plans to purchase bonds of Polski Zaklad Ubezpieczen SA (the “PZU”), subscribing for the amount of EUR 40 million.
The bond issue aims to support general corporate expenditures, including:

  • PZU’s M&A Strategy, including International Expansion:
  • PZU’s Development of Asset Management Skills:
  • Capital markets in Poland

Transition Impact

The main transition rationale for the EBRD’s involvement is:

1. to support regional insurance market consolidation (market expansion) by creation of a regional player with economies of scope and scale

2. to develop local capital bond market (market expansion) through:
i) supporting longer tenor issuances, and
ii) participating in bond issues (new market instruments/financing tools)

3. to promote the development of asset management skills in the insurance sector.

The Client

Powszechny Zakład Ubezpieczeń comprising primarily of PZU S.A. (the parent company with non-life operations) and PZU Życie S.A. (life insurance, 100% subsidiary), the leading insurance group in Poland and Central and Eastern Europe, with a current market capitalization of PLN 39bn (€9.4bn) on the Warsaw Stock Exchange, consolidated gross written premiums (“GWP”) of PLN 16.5bn (€4bn) in FY2013 and total assets of PLN62.4bn (€15bn) as of the end of 2013.

EBRD Finance

EUR 40 million.

Project Cost

EUR 500 million.

Environmental Impact

Categorised FI. PZU S.A will be required to comply with EBRD’s Performance Requirements 2 and 9, comply with the EBRD’s E&S Procedures for Insurance Companies and submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation

None.

Company Contact

Piotr Wiśniewski
Investor Relations
Tel: +48 22 582 26 23
Mobile: +48 601 336 330
E-mail: pwisniewski@pzu.pl

 

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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