Santander Leasing synthetic securitisation

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

EUR 55 million credit protection to Santander Leasing S.A. ("SL"), the leasing subsidiary of Santander Bank Polska S.A. ("SBP") incorporated in Poland, via participation in a synthetic securitisation of a portfolio of circa EUR 515 million performing SME and corporate leasing and loan obligations, originated by SL. The structure uses an unfunded guarantee, passing on to EBRD the credit risk of the mezzanine tranche of the securitised portfolio.

Project ID 52989

Status Signed

Location

Poland

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

Dominika Jakubowska
Dominika.jakubowska@santanderleasing.pl
+48 510 027 055
https://www.santander.pl/santander-leasing
ul. Kolorowa 8, 60-198 Poznań, Poland

Project ID 52989

Status Signed

Location

Poland

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

20 Sep 2023

Disclosure date

09 Oct 2023

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.

Santander Leasing synthetic securitisation (Polish) (PDF, 0.30MB)

Project description

Project objectives

The project will allow SBP group to further enhance its financial resilience and ultimately expand its lending capacity to the real economy. SBP group commits to provide new financing to Polish SMEs and mid-caps in the amount of 4 times of EBRD's protection, out of which an amount equivalent to 140% of EBRD guarantee will be allocated to GET eligible projects, contributing to climate action and environmental sustainability.

Transition impact

ETI Score:60

expected transition impact of the project is its contribution to the Resilient and Green transition qualities. The operation enables SBP Group to optimise its regulatory capital requirements by achieving a risk-weighted assets' relief, and free up lending capacity, which will be utilised to on-lend to the real economy, focusing on supporting SME and mid-cap sectors. Moreover, the project will also contribute to the Green quality and support the Bank's Green Economy Transition ("GET") approach in Poland through SBP group allocating a multiple of the EBRD guarantee towards projects, which meet strict GET-eligibility criteria.

Client information

SANTANDER LEASING SA

Santander Leasing is part of Santander Bank Polska Group and is one of the largest leasing companies in Poland with EUR 3.1 billion in assets and EUR 184 million in equity as of 30 June 2023. SL specialises in the financing of machinery, equipment and vehicles.

EBRD Finance Summary

EUR 70,000,000.00

Unfunded guarantee of EUR 55 million; mezzanine tranche of the synthetic securitisation

*EUR 70 million presented above presents the total amount approved

Total project cost

EUR 70,000,000.00

Unfunded guarantee of EUR 55 million; mezzanine tranche of the synthetic securitisation

*EUR 70 million presented above presents the total amount approved

Additionality

Innovative financing structure and risk mitigation: The project aims to facilitate the development and expansion of an effective capital enhancement instrument in the Polish financial market. Innovative structures / green finance instrument and standard-setting: EBRD's participation will promote higher transaction standards and support further mobilisation of institutional investors in the future, contributing to the deepening of the securitisation market. The Bank's additional requirement for allocating its investment to finance GET-eligible projects, a differentiating and critical feature compared to other investors, will set an example and have a demonstration effect for the rest of the Polish banking sector.

Environmental & Social Summary

Categorised FI (ESP 2019). SL is an existing client and will be required to continue to comply with the Performance Requirements 2, 4 and 9; comply with the EBRD's Environmental and Social Risk Management Procedures as appropriate for the type of investment they undertake; and submit annual environmental and social reports to the Bank. The underlying SME and corporate lease and loan portfolio securitised and guaranteed by EBRD should be subject to SL's ESMS, and the allocated multiple amounts should be reviewed and monitored in line with the requirements of PR9 and SL's ESMS. Any potential renewable energy projects under the green allocation will need to follow the E&S Eligibility Criteria for hydro, wind, solar, bioenergy and geothermal projects, as applicable. Any potential solar sub-projects would be managed in line with 'The Proposed Management Approach for Solar Supply Chain Risk Management' (CS/FO/21-35), (CS/FO/21-35 (Add 2)) and any subsequent guidance developed under that approach.

The project is determined Paris aligned after further due diligence on the use of proceeds, based on the application of the Bank's Paris alignment methodology for indirect finance. The GET share is 100%.

Technical Cooperation and Grant Financing

None.

Company Contact Information

Dominika Jakubowska
Dominika.jakubowska@santanderleasing.pl
+48 510 027 055
https://www.santander.pl/santander-leasing
ul. Kolorowa 8, 60-198 Poznań, Poland

PSD last updated

09 Oct 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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Santander Leasing synthetic securitisation

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

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)