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Summary of Project Information (SPI) |
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| Project number | 9687 |
| Project name | National Commercial Bank Sh.A. |
| Country | Albania |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | National Commercial Bank Sh.A. |
| Environmental category | FI |
| Date disclosed | January 4, 2000 |
| Status | Active |
| Previous Events | Invested: November 7, 2000
Signed: June 8, 2000
Approved: February 7, 2000 |
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Summary Of Project Information (SPI)
| Project Name | Albania - National Commercial Bank Privatization |
RegionEurope
Sector
Project No009687
Projected Board DateFebruary 3, 2000
Company NameNational Commercial Bank
Technical Partner and/or Major Shareholders
The project’s technical partner, Kent Bank (Turkey), will hold 60%+2 shares in National Commercial Bank (NCB).
IFC and the European Bank of Reconstruction and Development (EBRD) will hold 20%-1 share each.
Project Cost Including proposed IFC investment
The total project cost is US$11 million. IFC’s proposed investment is US$2 million.
Location of project and Description of site
National Commercial Bank is headquartered in Tirana and has 10 branches across Albania.
Description of Company and Purpose of Project
National Commercial Bank is Albania's second-largest bank and represents about 15% of the banking assets of the country. NCB, which is controlled by the state, is in poor financial condition and lacks corporate governance. IFC is part of a strategic investor group, which intends to privatize and take control of NCB in order to develop the bank, provide corporate governance, and resume on-lending to creditworthy private sector companies and entrepreneurs in Albania, who are in acute need for financing.
Environmental Category and Issues
This is a category FI Type 1 project according to IFC’s environmental and social review procedure. NCB will be required to undertake on environmental review of relevant operations to ensure consistency with the government of Albania’s environmental and social requirements. IFC will assess NCB’S capacity to conduct environmental and social reviews.
| Date SPI sent to InfoShop | January 4, 2000 |
“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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