Piraeus Bank Romania (EBRD-49714)

Countries
  • Romania
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
Active
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
Apr 26, 2018
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
Piraeus Bank Romania
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)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Sep 19, 2018

Disclosed by Bank Aug 2, 2018


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Project Description

According to EBRD website, EBRD has acquired a 19% stake in Piraeus Bank Romania (PBR) from Piraeus Group (Greece), alongside J.C. Flowers (JCF), a private equity fund, and PBR management. The EBRD and JCF own shares in a Luxembourg investment vehicle that in turn owns 95.1% of the share capital of PBR, while bank management owns the remaining 4.9%. This will provide financial resources and restructuring expertise needed to expand PBR's operations and market share. The change of ownership will also help strengthen the fragmented Romanian financial sector.

Further, the project's transition impact will be derived from demonstration of successful turnaround, providing the financial resources to strengthen PBR's core banking operations and expand its market share in the country.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Piraeus Bank Romania is among the largest retail banks in Romania with total assets of €1,446 million and equity of €149 million at end-2016. PBR was earmarked for sale by Piraeus Group as part of the latter's commitment to the European Commission for the disposal of its non-core assets.

Contact Information

Project Contact: Svet Klimentov
Email Address: kliments@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.