PolSEFF Leasing: Bank Millennium (EBRD-47853)

Countries
  • Poland
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Nov 25, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Bank Millennium S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 53.07 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 50.00 million
Converted using 2015-11-25 exchange rate.
Project Cost (USD)
$ 53.07 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 50.00 million
Converted using 2015-11-25 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 9, 2017

Disclosed by Bank Oct 23, 2015


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Project Description
This project finances a loan to Bank Millennium S.A., who will then on-lend the proceeds of the loan to Millennium Leasing, which will provide leasing finance to small and medium-sized enterprises in Poland.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
This project comprises of a senior loan of up to €50 million with a maturity of 5 years and 2 year grace period. Bank Millennium S.A. is the 7th largest commercial bank in Poland with a ca. 5% market share by loans and deposits and is majority-owned by Banco Comercial Português S.A (50.1%). Bank Millennium S.A. is listed on the Warsaw Stock Exchange since 1992 and focuses on both, the mass and affluent retail market, as well as small and medium-sized corporate clients where it has a strong position in specialised finance, especially leasing and factoring. Millennium Leasing is the wholly-owned subsidiary of Bank Millennium and is operational since 1991. It is the 7th largest leasing company in Poland with a market share of 6.4% in terms of new business. Financed assets include means of transportation, industrial machinery and equipment, computers as well as industrial and commercial real estate.
Contact Information
Company Contact Information Pawel Rawa, Director Financial Institutions Department Pawel.rawa@bankmillennium.pl +48 22 598 15 64 https://www.bankmillennium.pl/ ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.