TBIH Financial Services Group N.V.

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 13828

Status Complete

Location

Regional

Business Sector

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 13828

Status Complete

Location

Regional

Business Sector

Notice Type

Private

Environmental Category

Approval Date

31 Oct 2000

Disclosure date

06 Nov 2000

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

The proposed EBRD financing involves equity and debt financing to support the expansion of TBI Holding’s (TBIH) activities in the insurance and pension sectors in central and eastern Europe (CEE).

Transition Impact

The project will have substantial transition impact by promoting the development of capital markets in the region, increasing the intermediation capacity of the financial sector and contributing to the implementation of a comprehensive pension reform.

The Client

TBIH, a Dutch company, was created by the Kardan Group of Israel and the private equity arm of Deutsche Bank, to invest in and establish a strategic presence in the non-banking financial sector (mainly insurance, pensions and asset management) in CEE.

EBRD Finance

An equity investment comprising of a new investment of US$ 9.5 million (€11.0 million) and an exchange of the EBRD’s shares in Bulgarian Insurance and Pension, TBIH’s Bulgarian holding company, to which the EBRD previously provided equity financing (Board Review date: 14 December 1999).

Shareholder’s loan of US$ 3.1 million (€3.5 million) and a senior convertible loan of US$ 8.9 million (€10.3 million).

Project Cost

US$ 74 million (€85 million).

Environmental Impact

TBIH will manage its investments in accordance with the EBRD’s environmental guidelines for investments in the insurance sector. It will also provide guidance in identifying any significant environment-related exposures in the portfolio of potential investee companies.

Technical Cooperation

None.

Transition impact

ETI Score:85

PSD last updated

01 Feb 2019

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

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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