TBIH Financial Services Group N.V.



Project number:


Business sector:

Insurance, Pension, Mutual Funds

Notice type:


Environmental category:


Approval date:

31 Oct 2000



PSD disclosed:

06 Nov 2000

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



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

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Text of the PIP

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