UNIONBANK (EQUITY)

Location:

Bulgaria

Project number:

21083

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board date:

23 Jul 2002

Status:

Completed

PSD disclosed:

03 May 2002

Project Description

The project will allow the bank to strengthen its position as a leader in banking services to SMEs. The bank will expand and improve the range of its services through investments in new products, management information systems, branch network and services. The bank also intends to contribute to the consolidation of the Bulgarian banking sector through mergers or acquisitions activity.

Transition Impact

The project is expected to contribute to the further strengthening and consolidation of the Bulgarian banking sector. It will also demonstrate the EBRD's commitment to the long-term financing of SMEs. In addition, it will demonstrate the EBRD's commitment to work with banks and companies backed by local Sponsors.

The Client

Commercial bank Unionbank (CB Unionbank a.d.) is a Bulgarian financial institution that specialises in providing banking services to small and medium sized Bulgarian companies.

EBRD Finance

Initial equity investment of up to €3.1 million followed by capital increases during the period 2007 – February 2010 of €1.7 million and planned participation in a series of follow-on capital increases of up to €3.1 million in the period 2010 – May 2013.

Project Cost

Up to €3.1 million equity investment at the initial stage (2002), share capital increases in the period 2007 – February 2010 of €28.6 million and up to €51 million of the follow-on capital increases in 2010 – May 2013.

Environmental Impact

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

Technical Cooperation

None.

Company Contact

 

Business opportunities

For business opportunities or procurement, contact the client company.

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Email: procurement@ebrd.com

General enquiries

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Public Information Policy (PIP)

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.