Eurobank Bail-in Senior Preferred (Nephele IV) (EBRD-54317)

Countries
  • Greece
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 16, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Eurobank SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 130.50 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 107
Converted using 2020-12-16 exchange rate.
Project Cost (USD)
$ 2,195.31 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 1800
Converted using 2020-12-16 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 21, 2023

Disclosed by Bank Feb 10, 2023

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The EBRD has invested in four bail-in-able issuances of Eurobank S.A. ("ERB") and its parent Eurobank Ergasias Services and Holdings S.A. ("ERBH").

The project supports the resilience and regulatory compliance of a systemically important institution in the country and contributes to the capital market development of Greece. The project also aims to support strong green targets with 150% of the EBRD's investment to be allocated to finance green projects in line with EBRD's Green Economy Transition eligibility criteria.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

On 28 April 2021, the EBRD invested EUR 50 million (10% participation) in a senior preferred bond issued by ERB as part of a public benchmark issuance of EUR 500 million listed on the Luxembourg Stock Exchange. On 7 September 2021, the EBRD invested another EUR 27 million (5.4% participation) in the second senior preferred bond issuance of ERB. On 29 November 2022, the EBRD invested EUR 10 million (3.3% of the issuance amount) in subordinated ('Tier 2') bonds issued by ERBH as part of a public issuance of EUR 300 million listed on the Luxembourg Stock Exchange. The bonds have a 10 year maturity with a call option on the fifth year (10NC5 structure). On 19 January 2023, the EBRD invested EUR 20 million (4% of the issuance amount) in senior preferred bonds issued by ERB as part of a public issuance of EUR 500 million to be listed on the Luxembourg Stock Exchange. The bonds have a 6 year maturity with a call option on the fifth year (6NC5 structure).

Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Frome the EIB's website:

Eurobank S.A. is one of the largest banks in Greece in terms of total assets. Its core business is concentrated in Greece and it is a well-recognised bank in South-Eastern Europe with presence in Bulgaria, Cyprus and Serbia. Eurobank S.A. is a wholly owned subsidiary of Eurobank Ergasias Services and Holdings SA listed on the Athens Stock Exchange.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Eurobank Ergasias S.A. Parent Company Finance
- - - - Eurobank S.A. Client Finance

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No project contacts available at the time of disclosure.

Client - Eurobank SA:

Lydia Kekridou
Email: FundingOrigination@eurobank.gr
Phone: +30 210 3718 771
Website: www.eurobankholdings.gr
Address: 8, Othonos Str., 10557, Athens, Greece

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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

How it works

How it works