Sparkasse bank Macedonia - 2nd mortgage (EBRD-51578)

Countries
  • Macedonia
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
Proposed
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.
Borrower
Sparkasse Bank Macedonia (SBM)
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)
$ 3.32 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 EUR 3 million
Converted using 2019-12-02 exchange rate.
Loan Amount (USD)
$ 3.32 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)
$ 3.32 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 EUR 3 million
Converted using 2019-12-02 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 10, 2019

Disclosed by Bank Dec 2, 2019


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Project Description

According to EBRD website, the loan will be used by SBM to provide long-term financing for residential mortgage lending in North Macedonia. This project will support SBM's competitiveness by providing much-needed long term funding to support the growth of the retail portfolio. Mortgage lending is the backbone of SBM's retail growth plans.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors
  • SPARKASSE BANK MACEDONIJA AD -- Financial Intermediary

Sparkasse Bank Makedonija ("SBM") is a universal commercial bank, that is the 7th largest bank in Macedonia with a 4% market share by total assets. SBM is fully owned by Steiermarkische Bank und Sparkassen AG, Austria ("STSP"). STSP has just acquired 2nd bank on the Macedonian market - Ohridska Banka (OB) from Soc Gen. (5th largest, with around 8% market share). SBM and OB will be merged in 2021, after which the new bank will be the 4th largest on the market with 12-13% market share.

Contact Information

Viktorija Jovanovska
viktorija.jovanovska@sparkasse.mk
+389 75 495 018
+ 389 2 3200 515
https://sparkasse.mk
Makedonija Street 9-11, 1000 Skopje

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.