Erste & Steiermarkische Bank d.d Bond (EBRD-49732)

  • Croatia
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
Bank Risk Rating
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
Jan 31, 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.
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 6.90 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 45
Converted using 2018-12-04 exchange rate.
Project Cost (USD)
$ 45.97 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 300
Converted using 2018-12-04 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 12, 2019

Disclosed by Bank Dec 4, 2018

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Project Description

According to Bank documents, this project invests in the local bond issue of Erste & Steiermarkische Bank d.d. to support the development of the capital market in Croatia.

Investment Description
Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description

ESB is the third largest bank in Croatia with a market share of 14.7% at the end of H1 2018 and an existing client of EBRD. Erste Group Bank AG ("Parent") owns 59.02% of ESB's share capital and Steiermarkische Bank und Sparkassen AG i 40.98%. ESB reported total assets of EUR 9.1 billion at the end of H1 2018 (YE2017: EUR 8.9 billion), net profit of EUR 77 million (2017: EUR 61 million) and total equity of EUR 1.1 billion (same as at YE2017).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Erste Bank der oesterreichischen Sparkassen AG (Erste Group Bank) Parent Company -

Contact Information

Mirjana Haluga
Ivana Lucica 2, 10000 Zagreb, Croatia

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 or you can submit a complaint online using an online form, You can learn more about the PCM and how to file a complaint at