UniCredit Romania - Senior Unsecured Bonds

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

RON 135 million investment by EBRD in a senior unsecured bond issued by UniCredit Bank S.A., as part of a local issuance of RON 488.5 million on 16 December 2022. The bond has a maturity of 5 years and was listed on the Bucharest Stock Exchange.

The EBRD further invested RON 95 million in a senior unsecured bond issued by UniCredit Bank S.A., as part of a local issuance of RON 480 million on 21 November 2023. The bond has a maturity of 5 years and will be listed on the Bucharest Stock Exchange.

Project ID 54004

Status Signed

Location

Romania

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

nullwww.unicredit.ro
Bd. Expozitiei Nr. 1F, Sect. 1, Bucuresti, Cod Postal 012101, Romania

Project ID 54004

Status Signed

Location

Romania

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

15 Nov 2022

Disclosure date

26 Dec 2022

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

UniCredit Romania - RON 135m Senior Unsecured Bond (Romanian) (PDF, 0.56MB)

Project description

Project objectives

The proceeds of EBRD's investment in the bond will further enhance the lending capacity of UniCredit Bank SA, a Romanian bank of systemic importance, and will be channelled for on-lending to businesses in Romania that have been directly or indirectly affected by economic consequences of the war on Ukraine, with the ultimate goal of preserving livelihoods in the country.

Transition impact

ETI Score:65

nsition impact of the project stems from the following qualities:

Resilient - the project will support a systemic bank's resilience to market shocks and diversify its funding structure.

Inclusive - the project will enable UniCredit Bank SA to further increase financing to private businesses affected directly or implicitly by the impacts of the war on Ukraine, enabling them to remain operational, thus safeguarding the resilience of their human capital and sustaining the livelihood of entrepreneurs and that of their workforce.

Client information

UNICREDIT BANK SA

UniCredit Bank SA is a Romanian bank of systemic importance; and part of UniCredit, a pan-European commercial banking group with service offering in Italy, Germany and Central and Eastern Europe.

UniCredit Bank SA is rated by Fitch as BBB (stable) as of December 2022.

EBRD Finance Summary

RON 230,000,000.00 (ca. EUR 46.6 million)

Total project cost

RON 968,500,000.00 (ca. EUR 195.9 million)

Additionality

Financing structure and risk mitigation: EBRD financing provides (i) funding in local currency in a market with reduced RON liquidity, and (ii) funding diversification in an environment of high market volatility; EBRD's participation as an investor in the bond catalysed the market to support this capital market issuance by UniCredit Bank SA.

Environmental & Social Summary

Categorised FI (ESP 2019): UniCredit Bank Romania is an existing client of EBRD and performance on environmental and social (E&S) issues to date has been satisfactory and complies with the EBRD's Performance Requirements (PRs) 2, 4 and 9 under existing exposures. For this transaction UniCredit Bank Romania will be required to continue to comply with PRs 2, 4 & 9, adhere to the EBRD's E&S requirements and submit AESRs to the Bank.

Company Contact Information

nullwww.unicredit.ro
Bd. Expozitiei Nr. 1F, Sect. 1, Bucuresti, Cod Postal 012101, Romania

PSD last updated

28 Nov 2023

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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UniCredit Romania - Senior Unsecured Bonds

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)