The EBRD has made the inaugural investment in senior unsecured bonds issued by Euro Bank S.A. ("Euro Bank") in the Polish capital market in local currency in November 2015. This was the first of a planned series of investment in Euro Bank's bonds which was approved on 10 June 2015. The Project comes under the Polish Financial Institutions Debt Capital Market Framework launched in December 2013 and extended further in December 2014.
The bonds will support Euro Bank's sustained access to medium-term funding via the domestic debt capital market and facilitate its lending activities. They will allow the bank to diversify its funding base and strengthen its liquidity profile. As a consequence Euro Bank will be able to expand its presence and activities on the domestic market which is expected to benefit real sector of the economy
The transition impact is derived from:
i. Market expansion: the proposed bond issuance will contribute to further building the critical mass of outstanding quality non-sovereign capital market instruments needed to create pricing benchmarks, develop market liquidity and attract institutional investors in Poland.
ii Demonstration of balance sheet restructuring towards longer term liabilities which will match long term assets.
iii Maintaining high standards for transparency and reporting.
EURO BANK S.A
Euro Bank is a Polish retail bank specializing in mortgage and consumer finance (cash loans), with a full offer dedicated to individual clients. Euro Bank is part of Societe Generale, a leading European universal bank.
EBRD Finance Summary
PLN 220 million envelope for EBRD's investments in Euro Bank's senior unsecured bonds. The first investment in November 2015 was made in the amount of PLN 48 million.
Total Project Cost
Up to PLN 1,200,000,000.00.
Environmental and Social Summary
Categorised FI. Euro Bank is required to comply with EBRD's Performance Requirements 2 and 4 and submit annual reports to the EBRD on environmental and social matters and on the implementation of the Performance Requirements.
Company Contact Information
For business opportunities or procurement, contact the client company.
EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Public Information Policy (PIP)
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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.