Akbank DPR 2 (IFC-38166)

Countries
  • Turkey
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Aug 4, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
AKBANK TURK ANONIM SIRKETI
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 440.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 24, 2018

Disclosed by Bank Aug 25, 2016


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

The project will make available a financing of up to US$250 million for the purchase of new Diversified Payment Right notes to be issued by A.R.T.S. Ltd., a public limited company incorporated under the laws of Jersey, the proceeds of which issuance will accrue to Akbank. According to bank documents, the proposed IFC investment will allow Akbank to raise longer term funding to support its lending operations to micro, small and medium enterprises in Turkey.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Akbank T.A.S. is one of the leading banks in Turkey with approx. US$93 billion in consolidated assets as of June 30th, 2016. Incorporated in 1948, the Bank is 48.9 percent owned by H.O. Sabanci Holding, affiliated Institutions and Individuals, and has 51.1 percent free float as at June 2016. It provides financial solutions to its customers leveraging its capital base, diversified funding base, strong liquidity and asset quality, together with its non-banking subsidiaries: Ak Asset Management, Ak Investment and Ak Lease.

Akbank is majority-owned by Sabanci Group, a major conglomerate in Turkey with operations in financial services, energy, retail, cement, and industrial businesses. Its shares are publicly traded on Borsa Istanbul. Approximately 35 percent of the publicly traded shares are held by overseas investors.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Akbank T.A.S. is one of the leading banks in Turkey with approx. US$93 billion in consolidated assets as of June 30th, 2016. Incorporated in 1948, the Bank is 48.9 percent owned by H.O. Sabanci Holding, affiliated Institutions and Individuals, and has 51.1 percent free float as at June 2016. It provides financial solutions to its customers leveraging its capital base, diversified funding base, strong liquidity and asset quality, together with its non-banking subsidiaries: Ak Asset Management, Ak Investment and Ak Lease.

Akbank is majority-owned by Sabanci Group, a major conglomerate in Turkey with operations in financial services, energy, retail, cement, and industrial businesses. Its shares are publicly traded on Borsa Istanbul. Approximately 35 percent of the publicly traded shares are held by overseas investors.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

M. Altug Ulker
Akbank Head Office
Sabanci Center 34330 4. Levent,
Istanbul, Turkey
e-mail: mailto:diskaynaklar@akbank.com
Telephone: +90212 385 62 38
Fax: +90212 281 8188
http://www.akbank.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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