UNIQA - Uniqa Pojistovna

Location:

Czech Republic

Project number:

5782

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Approval date:

30 Sep 1997

Status:

Completed

PSD disclosed:

23 Apr 1999

Project Description

The EBRD will invest in the share capital of Cesko Rakouska Pojistovna (CRP), the 10th largest Czech insurance company owned by BARC of Austria. This sub-project will be executed under the BARC Multi-Project Facility (MPF), which was Board-approved in September 1997.

The capital increase facilitating the EBRD’s entry will provide the capital required for future expansion of CRP’s business. In particular, it will finance investments in connection with the demonopolisation of compulsory motor insurance in the Czech Republic.

Transition Impact

The Multi-Project Facility with BARC 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 invest in the share capital of Ceska Rakouska Pojistovna, the 10th largest Czech insurance company owned by BARC, the Austrian insurance holding. CRP is a composite insurer predominantly operating in the non-life market and offers over 30 lines of business.

EBRD Finance

Equity investment of Kc 103.2 million (EUR 2.7 million) through the purchase of ordinary shares.

Project Cost

The capital increase brings CRP’s share capital to Kc 480 million.

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

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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