Intesa Serbia SME SSL (IFC-47416)

  • Serbia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Apr 11, 2023
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.
Banca Intesa a.d. Beograd, Intesa Leasing d.o.o. Beograd
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 126.59 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 120
Converted using 2023-03-08 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 17, 2023

Disclosed by Bank Mar 8, 2023

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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.

As stated by the IFC, the proposed project is a financing package of up to EUR 120 million comprised of:
i) a straight senior loan of up to EUR 100 million to Banca Intesa A.D. Beograd (BIB or the Bank), and
ii) a straight senior loan of up to EUR 20 million to BIB’s subsidiary, Intesa Leasing d.o.o. Beograd (ILB or the Company).
The loan to the Company will be fully guaranteed by the Bank. BIB and ILB will use the proceeds from IFC’s loans to expand their respective lending and leasing programs to eligible Small and Medium Enterprises (SMEs) in Serbia. The SME sectors in both the Bank and Company are mainly wholesale trade, construction, metallurgy, agriculture and real estate.                                                             

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.

The project is categorized as FI-2 by the IFC.

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

As stated by the IFC, IFC will provide EUR 100 million 5-year straight senior loan to the Bank and EUR 20 million 5-year straight senior loan to the Company. 

Financial Intermediary
A financial intermediary is a 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
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.

From the IFC's website:

BIB is the largest bank in Serbia with total assets of EUR 7 billion and net loans of EUR 4.4 billion. BIB provides a full range of financial services to individuals, MSMEs and corporates, serving around 1.4 million customers through a branch network of 146 branches and employing around 3052 people. The Bank is part of Intesa San Paolo group and is 100% owned by Intesa Sanpaolo Holding International S.A. which is in turn 100% owned by Intesa Sanpaolo SpA Italy (ISP or the Sponsor).

ILB is the first largest leasing company in the country, with total assets of EUR 250 million and serving around 4,100 customers with a focus on leasing to SMEs. The Company is 100% owned by BIB and highly integrated into the Bank’s operations through a number of shared functions.

ISP is the largest bank in Italy with assets of EUR 0.98 trillion. It is one of the largest regional banking groups with 12 bank subsidiaries across the Central and Eastern Europe. ISP is rated BBB/stable by Fitch and S&P, and Baa1/stable by Moodys.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Intesa Sanpaolo S.p.A. Parent Company 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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Financial Intermediary - Intesa Leasing d.o.o. Beograd:

Snezana Topalovic - Financial Institutions Manager
Phone: +381 11 201 1400
Address: Milentija Popovica 7b 11070 Novi Beograd, Belgrade, Serbia


You can submit a request for information disclosure at:

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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