STOPANSKA BANKA CAPITAL INCREASE II (PORTAGE EQUITY)

Location:

FYR Macedonia

Project number:

27769

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

23 Jul 2002

Status:

Completed

PSD disclosed:

10 Jun 2002

Project Description

Proposed pro-rata participation in the forthcoming capital increase of up to €1.8 million in Stopanska Banka (SB), the largest bank in FYR Macedonia. The EBRD would participate in the capital increase alongside National Bank of Greece (NBG), the strategic investor, and IFC. The equity investment would strengthen SB capital and allow the bank to continue the clean-up of its lending portfolio and upgrade its branch network and IT systems.
Project objectives:
  • Assist SB in strengthening its capital base and further support the bank’s development and restructuring;
 
  • Attract additional funding sources to promote the bank’s lending activities and support SB’s strategy of increasing its lending to the SME sector.

Transition Impact

The proposed participation in the capital increase is instrumental to signal the EBRD commitment to the development of the local banking sector as well re-confirming its support to SB as a leading local financial institution while further restructuring is carried forward.

The Client

SB is the largest universal bank in FYR Macedonia with total assets exceeding €446 million and equity of €42 million according to IAS accounts as of end-2001. It is a universal bank with the headquarters in Skopje offering a wide range of banking products to corporate and retail clients. Its countrywide network consists of 23 branches and 370 teller points.

EBRD Finance

SB is the largest universal bank in FYR Macedonia with total assets exceeding €446 million and equity of €42 million according to IAS accounts as of end-2001. It is a universal bank with the headquarters in Skopje offering a wide range of banking products to corporate and retail clients. Its countrywide network consists of 23 branches and 370 teller points.

Project Cost

€4.3 million.

Environmental Impact

SB will carry out its operations in accordance with EBRD’s Environmental Procedures for Local Banks. In implementing these procedures, SB will require its borrowers to comply, at a minimum, with national /local health, safety, environmental and public consultation requirements.

Technical Cooperation

In 1995 the Japan - Europe Cooperation Fund financed a €350 000 financial and operational audit of Stopanska Banka carried out by Delloite Touche Tohmatsu.

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

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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