Bank Millennium S.A. Poland subordinated bonds (EBRD-50412)

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
Sep 5, 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
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)
$ 44.64 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 PLN 166
Converted using 2018-09-05 exchange rate.
Loan Amount (USD)
$ 44.64 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 223.20 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 PLN 830
Converted using 2018-09-05 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Mar 13, 2019

Disclosed by Bank Jan 31, 2019


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Project Description

According to EBRD website, this aims to support the optimisation of Bank Millennium S.A. capital structure by increasing the weight of Tier 2 instruments and MREL-eligible funding base, in line with the regulatory requirements to be defined at European and local level. EBRD will provide support to Bank Millennium S.A. bond issuance, mobilising the institutional investor base and contributing to the development of the Polish capital market. This will support the Bank's Green Economy Transition ("GET") approach in Poland via Bank Millennium allocating 150% of the EBRD funds towards funding certified commercial and residential projects which meet the GET eligibility criteria. It will also strengthens the capital adequacy of one of the biggest banks in Poland.

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

Bank Millennium S.A. is the 6th largest commercial bank in Poland by total assets. It was established in 1989, it is majority owned by Banco Commercial Portugues SA and it is listed on the Warsaw Stock Exchange. Bank Millennium S.A. is rated BBB-/Baa2 (Fitch/Moody's). It operates a traditional universal banking model and has a well-established (mostly retail focused) market franchise.

Contact Information

Rawa Pawel
Financial Institutions Department, Bank Millennium SA
Email Address: pawel.rawa@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.