Project description
and objectives:
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Proposed pro-rata participation in the forthcoming capital increase of up to €1.8 million in Stopanska Banka (SB), the largest bank in FYR Macedonia. The EBRD would participate in the capital increase alongside National Bank of Greece (NBG), the strategic investor, and IFC. The equity investment would strengthen SB capital and allow the bank to continue the clean-up of its lending portfolio and upgrade its branch network and IT systems.
Project objectives:
- Assist SB in strengthening its capital base and further support the bank’s development and restructuring;
- Attract additional funding sources to promote the bank’s lending activities and support SB’s strategy of increasing its lending to the SME sector.
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Transition impact:
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The proposed participation in the capital increase is instrumental to signal the EBRD commitment to the development of the local banking sector as well re-confirming its support to SB as a leading local financial institution while further restructuring is carried forward.
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The client:
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SB is the largest universal bank in FYR Macedonia with total assets exceeding €446 million and equity of €42 million according to IAS accounts as of end-2001. It is a universal bank with the headquarters in Skopje offering a wide range of banking products to corporate and retail clients. Its countrywide network consists of 23 branches and 370 teller points.
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EBRD finance:
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SB is the largest universal bank in FYR Macedonia with total assets exceeding €446 million and equity of €42 million according to IAS accounts as of end-2001. It is a universal bank with the headquarters in Skopje offering a wide range of banking products to corporate and retail clients. Its countrywide network consists of 23 branches and 370 teller points.
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Total project cost:
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€4.3 million.
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Environmental impact:
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SB will carry out its operations in accordance with EBRD’s Environmental Procedures for Local Banks. In implementing these procedures, SB will require its borrowers to comply, at a minimum, with national /local health, safety, environmental and public consultation requirements.
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Technical
cooperation:
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In 1995 the Japan - Europe Cooperation Fund financed a €350 000 financial and operational audit of Stopanska Banka carried out by Delloite Touche Tohmatsu.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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EBRD contact:
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Karl von Klitzing, Operation Leader: klitzink@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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