46241 - DCM SRT Frida

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Summary of Investment Information

Project Number

46241

Company Name

RSF Santander Frida

Date SPI Disclosed

Apr 19, 2023

Country

Poland

Region

Europe

Projected Board Date

Feb 22, 2022

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

Nov 19, 2025

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Feb 22, 2022
Signed : Mar 31, 2022

Sector

Commercial Banking - Risk Mgmt Facility

Project Description

The Project consists of a Synthetic Risk Transfer (SRT) transaction in which IFC will provide to Santander Bank Polska S.A. (SPL) an unfunded guarantee on credit losses of up to PLN475 million (US$110 million equivalent) on a PLN2.9 billion reference portfolio comprising consumer finance loans on SPL balance sheet. SPL will deploy capital freed up as a result of the IFC loss protection to undertake no less than $600 million-equivalent of new green lending in Poland. The Project will increase the resilience of SPL, which is one of the country’s systemic banks, and introduce a highly innovative SRT structure, which will be the first SRT in emerging markets with a climate risk mitigation objective.

Associated Advisory Engagement

No advisory engagement with the proposed investment.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	115.53
Loan
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Guarantee	Others (only if UoP is not available)

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Project Outcomes – Stakeholders Effect, Increased Access to Climate Finance: The Project is expected to increase access to climate finance in Poland through the capital freed up as a result of the IFC loss protection to be deployed in undertaking new green lending. Contribution to Market Creation – Resilience: IFC anticipates that the investment will improve resilience in the market through innovation, demonstration and replication channels. The innovative instrument is expected to provide capital relief to the third largest and systemic bank in Poland and contribute to a wider adoption of SRTs at the country and regional levels.

IFC provides financial additionality through an innovative financing structure and instrument which is expected to constitute the first green SRT to be transacted in an EMDE country, and the first fully commercial SRT in Poland. Non-financial additionality is provided in the form of non-financial risk mitigation as IFC offers the SPL an innovative commercially structured SRT instrument.

E&S Category Rationale / Risks and Mitigation

The Project consists of an unfunded guarantee of up to PLN 475 million (US$ 110 million equivalent) of consumer finance loans that will allow Santander Poland to redeploy capital to originate new green loans (renewable energy, energy, water efficiency and green building projects). Potential E&S risks and impacts associated with the Project are likely to be medium, therefore this transaction has been categorized as FI-2 according to IFC's Sustainability Framework. The Project will not support large solar farm sub-projects, coal related activities and higher risk business activities that may include: (i) involuntary resettlement, (ii) risk of adverse impacts on indigenous peoples, (iii) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage or (iv) significant occupational health and safety risks. As part of this Project, the Bank will be required to screen and assess its green loan transactions against the IFC Exclusion List, national E&S laws and IFC's Performance Standards (PS) as applicable.

The main E&S risks and impacts related to the Project derive from Santander's capacity to assess and manage properly the E&S risks of sub-projects in line with the IFC requirements. Santander Poland's E&S risks in its green loan portfolio are mainly related to OHS, energy efficiency, waste management and community impacts. Additional risks include labor issues in sub-projects' supply chains. As part of the Project, the Bank will be required to: (1) maintain its ESMS procedures to screen sub-projects against the applicable requirements (IFC Exclusion List, national laws and PS as applicable); (2) remain committed to applying the labor standards established by the IFC Performance Standards 2; and (3) train relevant staff and submit a periodic report to IFC. Santander will also be required to disclose sub-projects of US$20 million equivalent or more, on a yearly basis - including names and locations. E&S Management System Santander Poland is a subsidiary of the Santander Group, an Equator Principles signatory. The group is an existing IFC client with ongoing relationships in Brazil, Chile, Mexico, and Poland. The Bank in Poland has recently adopted an E&S Policy that contemplates conducting risk assessments against restricted activities and national laws. For E&S assessments of corporate and project finance sub-projects aligned with the Equator Principles requirements, Santander Poland relies on support from the Global E&S team and Santander Group headquarters. For the green loan portfolio Santander Poland will rely on a dedicated E&S officer. The E&S risk assessment will involve climate related sub-projects review against Poland laws and the Performance Standards, as applicable. In case of identified gaps, a corrective action plan will be required - specific measures, modifications and enhancements to be implemented by the sub-projects in respect of the ESMS. The Bank will also be required to implement monitoring procedures for sub-projects and submit a periodic report to IFC. Through website, corporate phone (voice and text) contact, Santander can receive and respond to third party concerns. The Bank labor practices are largely aligned with Performance Standard 2: Labor and Working Conditions. No ESAP is required.

Contacts

For Inquiries About the Project, Contact

Santander Bank Polska
Anna Parfieniuk
International Financial Institutions Relationship Manager
+48 61 81 19999
contact@santander.pl
00854 Warszawa, Poland
www.santander.pl

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