PROJECT

Projects

Summary of Investment Information

Project Number

45124

Company Name

BANCA COMERCIALA ROMANA SA

Date SPI Disclosed

May 25, 2021

Country

Romania

Region

Europe

Projected Board Date

Apr 19, 2021

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Sep 30, 2022

Department

CF2S8 - Regional Industry - FIG - ECA/FIG Inv Operations - Europe

Industry

Financial Markets

Previous Events

Approved : Apr 19, 2021
Signed : May 13, 2021
Invested : May 21, 2021

Sector

Commercial Banking - Housing Finance

Project Description

The project entails an IFC investment of USD28.6 million (in Romanian Leu equivalent) in MREL (Minimum Requirement for own funds and Eligible Liabilities) eligible bonds issued by Banca Comerciala Romana S.A. (“BCR” or the “Bank”), an existing IFC client in Romania. The bonds are unsecured Senior Non-Preferred instruments and will be listed on the Bucharest Stock Exchange. Under the same project, IFC previously invested (i) US$24.6 million (in Romanian Leu equivalent) in Senior Non-Preferred instruments in May 2021 and (ii) US$22.2 million (in Romanian Leu equivalent) in Senior Preferred instruments in October 2021. Both instruments are listed on the Bucharest Stock Exchange and were used to support the Bank’s housing portfolio including green mortgages.

                                                

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation