51080 - DCM SRT BCR

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Summary of Investment Information

Project Number

51080

Company Name

RSF SRT BCR

Date SPI Disclosed

Sep 22, 2026

Country

Romania

Region

Europe

Projected Board Date

Sep 20, 2025

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Sep 23, 2026

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Sep 26, 2025
Signed : Sep 30, 2025
Invested : Mar 18, 2026

Sector

Commercial Banking - General

Project Description

The proposed project consists of an SRT transaction in which IFC will provide to Banca Comerciala Romana S.A. (BCR or the Bank), a subsidiary of Erste Bank Group (Erste or the Group), an unfunded guarantee of up to RON343 million (US$80 million equivalent), on credit losses of an up to RON3,811 million (US$882 million equivalent) revolving reference portfolio from the Bank’s eligible corporate and small and medium enterprise (SME) credit exposures. The transaction structure entails IFC providing a guarantee on the second loss tranche of the reference portfolio, retained on the balance sheet of BCR, while the Bank retains the first loss and senior tranche (the Project). IFC’s guarantee will reduce the regulatory risk weights associated with the reference portfolio, freeing up capital to be used by BCR to support new lending toward sustainable and climate finance projects (70 percent) and mortgages to women (30 percent) in Romania.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	120.56
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	Labeled: Green;Blue;Social-Loans/Bonds
Guarantee	Housing Loans to Individuals

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

Development Impact

The most significant expected project-level outcome is increased access to climate finance and mortgages to women. Beyond the project outcomes, IFC anticipates that the Project will deepen the resilience of the Romania banking sector by promoting an innovative SRT instrument to help optimize the capital structure and reduce the reliance on issuances of capital and capital like instruments.

IFC’s additionality in the Project is both financial and non-financial. Financial additionality will be delivered through resource mobilization. IFC will provide BCR with an innovative financing instrument, SRT, sharing 50 percent of the risk on the mezzanine tranche with a third-party private investor. Non-financial additionality is provided in the form of risk mitigation. The Project will serve as a risk mitigation instrument in the context of low investor appetite in similarly structured transactions in Romania and is expected to help build confidence of private institutional investors to participate in future SRT transactions.

E&S Category Rationale / Risks and Mitigation

The Project involves an unfunded guarantee of a revolving portfolio of eligible corporate and MSME exposures (the reference portfolio) and includes clients operating in sectors such as production and trade, transportation, agriculture, construction, healthcare, energy utilities and others. The capital released by this guarantee will support a new portfolio of women mortgages (30%) and climate projects (70%) such as green mortgages, green buildings and onshore wind farms. The Project will not support any IFC's Exclusion List and coal related activities, and companies/projects exposed to higher risk business activities that may include (i) involuntary resettlement (including physical and economic displacement); (ii) risk of adverse impacts on Indigenous People; (iii) significant risks to or impacts on the environment, community health and safety, biodiversity, or cultural heritage; (iv) risk of significant retrenchment; or (v) significant occupational health and safety risks to employees, as well as projects rated as high E&S risks according to BCR’s internal review procedures (such as Category A projects, transactions having high ESG risks score or clients with identified unresolved ESG issues). Additionally, the reference portfolio will exclude sectors with potentially E&S risks such as logging, mining of iron ores, manufacture of pesticides and other agrochemical products, copper production, treatment and coating of metals. The project has therefore been categorized as FI-2 in accordance with IFC's Sustainability Policy.
Applicable E&S requirements for the Project will be the IFC Exclusion List, relevant national E&S laws and regulations screening out of higher E&S risks activities, and the IFC Performance Standards to be applied to project finance transactions (redeployed portfolio) including to onshore wind farms, and any other transactions which may include high risk activities. The Bank will be required to maintain alignment with life and fire safety and IFC’s PS2 requirements.

BCR has ESMS procedures specifying the Bank’s approach to E&S risk management. The relevant ESG risks assessment operational processes are integrated into the Bank’s loan origination and review procedures and risk management framework. The scope of E&S risks assessment includes confirmation of national compliance, review of issues related to climate change, waste generation & recycling, water scarcity, land degradation and biodiversity loss, human rights and social risks. For the climate projects to be supported under the redeployment portfolio BCR has ESMS procedures aligned with IFC’s E&S requirements under the existing project (47750), where IFC supported similar types of climate sub-projects, specifically onshore wind farms and green buildings. Detailed environmental and social due diligence (ESDD) is conducted for project finance transactions by external qualified consultants against IFC Performance Standards requirements and if any gaps are identified E&S corrective actions are developed and negotiated with sub-clients. The scope of E&S risks assessment applied for the reference portfolio depends on the business segment and varies from basic confirmation of national compliance with E&S laws and regulations for MSMEs clients to detailed ESG assessment conducted for corporate clients.

BCR will be required to continue applying its ESMS to the clients included in the guaranteed redeployed portfolio. Additionally, BCR will be required to conduct HRP screening for corporate clients in the reference portfolio (where applicable) and elaborate legal provisions to strengthen clients’ representation(s) on E&S alignment with national laws and regulations.

S.no	Title	Anticipated Completion Date
1	Enhance ESMS process	10/05/2025

Contacts

For Inquiries About the Project, Contact

Elena Diana Nitu

Sef Proiect - EXPERT DIGITAL

Departamentul Management Proiecte Steering si Enablers

Directia Change Management

Banca Comerciala Româna S.A.

Sos. Orhideelor nr.15D, Sector 6, cod postal 060071, Bucuresti

Tel: +40373510735

Fax: +40212270556

Mobil: +40762248367

Diana.Nitu@bcr.ro

www.bcr.ro

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Direct Employment (#) Operations And Maintenance	individuals		Not Available	Not Available	Not Available

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