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Summary of Project Information (SPI) |
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| Project number | 9146 |
| Project name | Bank Austria Creditanstalt Slovakia |
| Country | Slovakia |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Bank Austria Creditanstalt Slovakia, A.S. |
| Environmental category | FI |
| Date disclosed | November 23, 1998 |
| Status | Completed |
| Previous Events | Signed: June 24, 1999
Approved: February 2, 1999 |
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Summary Of Project Information (SPI)
| Project Name | Slovakia - Post Privatization Agency Line |
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| Region | Central & Southern Europe |
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Project No009146
Projected Board DateDecember 28, 1998
Company NameBank Austria(SR) a.s. (BASR)
Technical Partner and/or Major Shareholders
The project is an agency line to support the private enterprise sector in Slovakia. The agent will be BASR, a wholly-owned subsidiary of Bank Austria Group, Vienna, Austria. As a result of a recent merger between the Bank Austria Group and the Creditanstalt Group, the Slovakian operations of both groups will be merged on January 1, 1999 to form Bank Austria Creditanstalt (SR) a.s. (BACASR) As of the merger date, BACASR will have about US$800 million equivalent in total assets, US$50 million equivalent in shareholders equity and US$10 million equivalent in net income. BASR's loan appraisal systems are those developed and used at its parent, and may be characterized as centralized and rigorous. Over one-third of BASR's loan portfolio is classified as medium term.
Project Cost Including Proposed IFC Investment
It is anticipated that IFC will invest up to US$30 million equivalent in 8 to 12 projects identified and appraised by BASR. Total investment costs are anticipated to be in the region of $90 million.
Location of Project and Description of Site
The IFC projects will be located throughout Slovakia.
Description of Company and Purpose of Project
The companies to be invested in are operating in a variety of fields, including packaging, insulation, fertilizers, printing, industrial films and agricultural processing. The IFC agency line will provide scarce long term debt capital to selected companies to enable them to modernize and expand facilities and compete more effectively on export markets. In conjunction with the agency line, IFC is proposing to arrange an audit of exposure to the Year 2000 computer issue, identify actions required to address any identified problems, and to arrange for broad dissemination throughout Slovakia of the general findings of this work.
Environmental Category and Issues
According to IFC's environment & social review procedure, this is a Financial Intermediary (FI), Tier 3, category project. BASR will be required to undertake an environmental review of eligible borrowers' environmental performance and compliance with applicable Slovak environmental, health and safety requirements as well as applicable World Bank/IFC policies and guidelines. BASR will nominate specific senior personnel to manage this review process and these personnel will participate in a relevant IFC training program. In addition, IFC's Environment Division will review and clear all sub-projects. All sub-projects will comply with IFC's disclosure policy.
| Date SPI sent to InfoShop | November 23, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
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