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.
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.
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.
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.
Up to €510 million.
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.
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