As stated by the IFC, the project entails an IFC investment of €15.0 million in the first green senior preferred bond issued in the international market by Erste & Steiermarkische Bank d.d. in line with the principles of the Erste Group’s Sustainable Finance Framework. The bonds were offered to institutional investors on the Vienna Stock Exchange under the Bank’s Multi Issuer EMTN Programme, consisting of the Securities Note dated 4 December 2023 and Registration Document dated 4 December 2023.
The IFC categorized the project E&S risk as FI-2.
As stated by the IFC, Erste & Steiermarkische Bank d.d. is a member of the Erste Group Bank and a systemic bank in Croatia. The Bank currently ranks as the third largest commercial bank in Croatia by total assets with a 16.8 percent market share and total assets of $12.4 billion as of June 30, 2023. The Bank has over 2,750 employees and over 1 million clients. The Bank’s long-term issuer default rating is A- (Stable outlook) by Fitch, one notch higher than the Croatian sovereign rating and the highest in Croatian banking system.
Erste is a banking group headquartered in Austria and a leading regional banking group that offers a broad range of services to retail, SME and corporate clients. The Erste Group serves 16.2 million customers through a region-wide network of about 2,000 branches. As of June 30, 2023, the Erste Group had more than 42,900 employees and total assets of €344 billion. Erste is rated A+ (stable outlook) by S&P, A1 (stable outlook) by Moody’s, and A (stable outlook) by Fitch, with shares listed and traded on the Vienna Stock Exchange, Prague Stock Exchange, and Bucharest Stock Exchange.
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Financial Intermediary - Erste & Steiermärkische Bank d.d.:
ACCESS TO INFORMATION
You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries
If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.
ACCOUNTABILITY MECHANISM OF IFC/MIGA
The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org