Akbank DPR 2 (IFC-38166)

Countries
  • Turkey
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
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Aug 4, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
AKBANK TURK ANONIM SIRKETI
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 440.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. Please see updated project documentation 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

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
  • International Finance Corporation (IFC)

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.

Private Actors

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

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/