Project Description
The EBRD will invest in the share capital of Austrija Osiguranje (AO), a start-up insurance company currently 100 per cent owned by UNIQA Versicherungen AG (UNIQA) of Austria. This sub-project will be executed under the BARC (now UNIQA) Multi-Project Facility (MPF), which was Board-approved in September 1997. The equity increase facilitating the EBRD’s entry will provide the capital required for future expansion of AO’s business.
Transition Impact
The Multi-Project Facility with UNIQA will have a significant impact on the transition process by:
- contributing to greater competition in insurance sectors;
- contributing to a widening of consumer choice through product innovation;
- assisting in the development of the local capital markets in the Bank's countries of operations. Insurance provides an important source of capital for the development of the economy through the investment of insurance reserves.
The Client
The EBRD will acquire 20 per cent of the share capital of AO, the newly created composite insurance company.
EBRD Finance
The EBRD will make an equity investment of HRK 10 million (EUR 1.3 million) through the purchase of ordinary shares.
Project Cost
The operation brings AO's total equity to HRK 50 million of which HRK 40 million share capital.
Environmental Impact
The Environmental Guidelines for EBRD Multi-Project Facilities in the Insurance Sector apply to this operation.
Technical Cooperation
None.
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
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.
