||In 2015, the EBRD acquired an equity stake in Zagreb Stock Exchange ("ZSE" or "Company") via a capital increase alongside institutional investors. The project supported the development of the financial infrastructure and corporate governance at ZSE.
The investment was an important step of EBRDs efforts to facilitate capital markets consolidation in Central and South-Eastern Europe. The project followed EBRDs acquisition of a minority stake in the Bucharest Stock Exchange and the Banks support for SEE Link, a project designed to create connectivity among exchanges in SEE.
The project was in line with the EUs Capital Markets Union ("CMU") initiative to create open and efficient cross-border capital markets. Furthermore, the project supported the Markets in Financial Instruments Directive II ("MiFID 2") objectives for establishing SME growth markets and uniform SME listing requirements.