PZU subordinated bonds (EBRD-49135)

Countries
  • Poland
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 7, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
PZU S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 80.25 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 300
Converted using 2017-06-07 exchange rate.
Project Cost (USD)
$ 601.88 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 2250
Converted using 2017-06-07 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Apr 9, 2018

Disclosed by Bank Jun 30, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According EBRD website, the project is an investment in Polish zloty-denominated subordinated bonds in an amount of PLN 300 million (EUR 71 million) as part of a total aggregate issuance of PLN 2.25 billion (EUR 533 million).

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

PZU S.A. is a public company incorporated in Poland and the leading insurance group in Central and Eastern Europe. PZU will allocate at least 60% of the EBRD bond proceeds towards commercial real estate projects in Poland that meet eligibility criteria for green buildings under the EBRD Green Economy Transition Approach. 

Powszechny Zaklad Ubezpieczen comprising primarily of PZU S.A. (the parent company with non-life operations) and PZU Zycie S.A. (life insurance, 100% subsidiary). The PZU Group is Poland's largest financial services company and leading insurance group in Central and Eastern Europe and listed on the Warsaw Stock Exchange with a market capitalization of PLN 38.7bn (EUR 9.2bn) as of June 2017, consolidated gross written premiums of PLN 20.2bn (EUR 4.6bn) and total assets of PLN 125.3bn (EUR 28.3bn) in 2016. The State Treasury is the single largest shareholder with 34.2% of total capital.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Powszechny Zaklad Ubezpieczen Spolka Akcyjna (PZU SA) Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Contact: Piotr Wisniewski
Investor Relations
Telephone No.: +48 22 582 26 23
Email Address: ir@pzu.pl
Website: www.pzu.pl

General enquiries to EBRD: 
Telephone No.: +44 20 7338 7168
Email Address: projectenquiries@ebrd.com

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.

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