PROJECT

Projects

Summary of Investment Information

Project Number

47626

Company Name

ERSTE BANK A.D.

Date SPI Disclosed

Jan 9, 2024

Country

Serbia

Region

Europe

Projected Board Date

Feb 15, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 22, 2024

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : May 9, 2024
Signed : Nov 6, 2024
Invested : Dec 20, 2024

Sector

Commercial Banking - General

Project Description

 The proposed project is to invest up to EUR65 million (equivalent to USD69 million) for IFC’s own account in Minimum Requirement for Own Funds and Eligible Liabilities (MREL) eligible senior preferred (SP) instrument to be issued by Erste Bank A.D. Novi Sad (EBS or the Bank), a reputable bank in Serbia and a subsidiary of Erste Group, IFC’s strategic partner and one of the largest banking groups in Europe (the Project). The proceeds of IFC’s investment will be used to support the Bank’s MSME clients and climate change mitigant projects.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation