Project Description
Proposed equity investment of up to 19.9 per cent in Slovenska Sporitelna (SLSP), the largest retail bank in the Slovak Republic, to support its post-privatisation programme of restructuring, initiated by Erste Bank der Oesterreichischen Sparkassen AG (Erste Bank), the new majority owner of SLSP and the leading retail bank in central Europe.
The EBRD’s investment will support the efforts of Erste Bank in restructuring SLSP after its privatisation. This will entail a review of the product mix offered to local clients and a wide-reaching reorganisation of SLSP.
Transition Impact
The project is expected to have a significant impact in furthering the Slovak Republic's transition to a market economy. SLSP is well positioned to play a growing role in the banking sector as well as in the economy, especially in view of the country’s accession to the EU.
The Client
Slovenska Sporitelna (SLSP) is currently the largest universal bank in the Slovak Republic in terms of assets and customer deposits. It provides a range of financial services to 1.8 million retail customers and over 100,000 corporate customers. Its product range covers retail and commercial banking, capital markets products, as well as insurance and mortgage products sold through specialist financial subsidiaries.
EBRD Finance
The EBRD will purchase ordinary voting shares of SLSP with a par value SKK 1,000 each, representing up to 19.9 per cent of the company’s voting rights. The aggregate purchase price will be up to €116.9 million.
Project Cost
Up to €510 million.
Environmental Impact
SLSP will adopt and implement the EBRD's "Environmental Procedures for Intermediated Lending through Local Banks"; in doing so, it will ensure that investee companies are not engaged in activities listed on the EBRD's Environmental Exclusion List. SLSP will require its borrowers to comply, at a minimum, with national/local health, safety, environmental and public consultation requirements.
Technical Cooperation
None.
Company Contact
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
