DCM Raiffeisen Serbia MREL (IFC-49277)

Countries
  • 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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
May 31, 2024
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
RAIFFEISEN BANKA AD
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 Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 53.64 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 23, 2024

Disclosed by Bank Jun 14, 2024

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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.

According to the Bank’s website, the Project consists of an IFC investment for its own account, in Serbian Dinars (RSD) equivalent, in Minimum Requirement for Own Funds and Eligible Liabilities (MREL) debt instruments to be raised by Raiffeisen Banka a.d. Beograd (RBRS or the Bank). The proceeds will support the bank’s Micro, Small and Medium Enterprises (MSME) portfolio with at least 60% of proceeds to be allocated to Women-owned MSMEs (W-MSMEs).

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’s proceeds will be earmarked for on-lending to Micro Small and Medium Enterprises (MSME) portfolio in Serbia. The Project will not support any activities on IFC Exclusion List, coal-related activities, or higher E&S risk business activities that may include: a) involuntary resettlement, b) risk of adverse impacts on indigenous peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, significant retrenchment or d) significant occupational health and safety risks. E&S risk associated with the supported asset class is considered as medium and therefore, the project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy.

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

The proposed investment consists of MREL-eligible financing to be raised by RBRS.

Investment as approved by the board: 53.64 million (USD)

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.

Raiffeisen Banka a.d. Beograd - RBRS was established in 2001 as the country’s first bank with 100% foreign capital and is currently the third largest bank in Serbia with total assets of $5.7 billion as of end 2023. RBRS is fully owned by Raiffeisen Bank International (RBI) and is a universal bank that serves over 1 million clients including corporate customers, small business, entrepreneurs, and private individuals, while offering the full range of banking products. RBSB has around 100 branches and approximately 2,200 employees as of end 2023. RBSB fully owns three subsidiaries in leasing (Raiffeisen Leasing d.o.o. Beograd), asset management (Raiffeisen Invest a.d. Beograd) and voluntary pension funds (Raiffeisen Future a.d. Beograd).

RBRS’s parent, Raiffeisen bank International (RBI), has been listed on the Vienna Stock Exchange since 2005, has 45,000 employees and is serving 19 million customers and represents the second largest bank in Austria. RBI is active in the Central and Eastern Europe region with a strong presence in 12 markets through bank, leasing, asset management and other financial subsidiaries. 


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.

Raiffeisen banka a.d. Beograd
Milena Perazic
Funding Manager – Treasury and ALM department
+381 11 220 7161
milena.perazic@raiffeisenbank.rs
Ðorda Stanojevica 16, 11070 Novi Beograd, Serbia
https://www.raiffeisenbank.rs

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

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.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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 CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works