The project (the “Project”) involves supporting Yapi Kredi Bank A.S. (“YKB”, or the “Bank”), through the purchase of an IFC-only issuance of covered bond of up to US$150 million. The underlying asset pool will be backed by YKB’s existing mortgage portfolio. The proceeds of IFC’s investment would provide YKB long term financing to support the mortgage segment of its lending operations, with some portion to be allocated to ‘green’ mortgages per IFC's eligibility criteria.
Established in 1944, YKB is the 4th largest private bank in Turkey; operating in retail (individual and SME), private and corporate / commercial banking. As of end-2016, YKB operates all around Turkey through its 936 branches and 19,400+ employees. In addition to universal banking services, Yapi Kredi Group also operates in leasing, factoring and asset management businesses. Yapi Kredi Group also has banking subsidiaries in the Netherlands, Russia, Azerbaijan and Malta.
As of end-2016, YKB posted Total Assets of TRY271 billion, Net Loans of TRY176.5 billion and Net Income of TRY2,932 million on a consolidated basis.
YKB is an existing IFC client.
Yapi Kredi Bankasi A.S. is owned 81.8% by Koc Financial Services ("KFS"). KFS is a Unicredit (an Italian banking group) and Koc Holding JV (a Turkish conglomerate). Both Unicredit and Koc Group have 40.9% stake at YKB each. The remaining 18.2% is listed on the Istanbul Stock Exchange.
Koc Holding A.S. is the largest industrial conglomerate in Turkey, and that country's only entry on the Fortune Global 500 list. Koc Holding is headquartered in Istanbul, Turkey. As of end-2016, Koc Group had Total Assets of EUR23.7 billion and Net Income of EUR1,036 million. Koc Holding is rated Baa3 (Negative outlook) by Moody’s and BBB- (Negative outlook) by S&P.
Unicredit Group, with roots dating back to 1473, is a systemically important financial institution headquartered in Milan, Italy. The Group operates through leading banks in 14 countries and its network in another 18 countries. As of end-2016, Unicredit Group has Total Assets of EUR860 billion and Net Income of EUR18,801 million. Unicredit is rated Baa1 by Moody's, BBB+ by Fitch and BBB- by S&P.
The Project is a proposal to invest up to US$150 million on IFC’s own account in a new tranche under YKB’s existing Covered Bond Programme to support YKB's on-lending activities to residential mortgage projects in Turkey.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
Yapi Kredi Bankasi A.S. is owned 81.8% by Koc Financial Services (KFS). KFS is a Unicredit (an Italian banking group) and Koc Holding JV (a Turkish conglomerate). Both Unicredit and Koc Group have 40.9% stake at YKB each. The remaining 18.2% is listed on the Istanbul Stock Exchange.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|Akfen Altyapi Danismanlik AS||Parent Company||Energy||owns||Menzelet Kilavuzlu Elektrik||Client||Energy|
|Akfen Holding AS||Parent Company||Energy||owns||Canakkale & Denizli Wind Farms||Client||Energy|
|Cengiz Holding AS||Parent Company||Energy||owns||AEDC Privatization||Client||Energy|
|Cengiz Holding AS||Parent Company||Energy||owns||Bogazici-Akdeniz-Camlibel Electricity Distribution 2||Client||Energy|
|ERG Insaat||Parent Company||Transport||owns||Ankara-Nigde Highway (330km) PPP||Client||Transport|
|Kazanci Holding||Parent Company||Energy||owns||Kazanci Holding Coruh and Firat Electricity Distribution||Client||Energy|
|Kolin Insaat Turizm Sanayii Ve Ticaret||Parent Company||Energy||owns||Bogazici-Akdeniz-Camlibel Electricity Distribution 1||Client||Energy|
|Konya Seker||Parent Company||Energy||owns||Kangal Thermal Power Plant (450MW) Additional Facility||Client||Energy|
|Limak Insaat Sanayi ve Ticaret||Parent Company||Energy||owns||Cetin and Alkumru HPP||Client||Energy|
|TAV Airports Holding||Parent Company||Transport||owns||Ankara Esenboga Airport Refinancing||Client||Transport|
|Turkiye Elektrik Dagitim AS||Parent Company||Energy||owns||Camlibel Elektrik Dagitim AS||Client||Energy|
|Unit Group||Parent Company||Energy||owns||Gebze Gas Fired IPP||Client||Energy|
|Unit Investments SA||Parent Company||Energy||owns||Bagistas II HPP||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||AEDC Privatization||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Akfen Altyapi Danismanlik AS||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Akfen Holding AS||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Ankara Esenboga Airport Refinancing||Client||Transport|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Ankara-Nigde Highway (330km) PPP||Client||Transport|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Arkas Holding AS||Parent Company||Transport|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Bagistas II HPP||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Bogazici Elektrik Dagitim AS||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Bogazici-Akdeniz-Camlibel Electricity Distribution 1||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Bogazici-Akdeniz-Camlibel Electricity Distribution 2||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Camlibel Elektrik Dagitim AS||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Canakkale & Denizli Wind Farms||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Canakkale Otoyol||Client||Transport|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Cengiz Holding AS||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Cetin and Alkumru HPP||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Coban Yildizi||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Dogrudan Elektrik||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Ege Kimya||Parent Company||Industry and Trade|
|Yapi Kredi Bankasi||Investor||Finance||invests in||ERG Insaat||Parent Company||Transport|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Gebze Gas Fired IPP||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Kangal Thermal Power Plant (450MW) Additional Facility||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Kazanci Holding||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Kazanci Holding Coruh and Firat Electricity Distribution||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Kolin Insaat Turizm Sanayii Ve Ticaret||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Konya Seker||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Limak Insaat Sanayi ve Ticaret||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Menzelet Kilavuzlu Elektrik||Client||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Seza Insaat||Parent Company||Transport|
|Yapi Kredi Bankasi||Investor||Finance||invests in||TAV Airports Holding||Parent Company||Transport|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Turkiye Elektrik Dagitim AS||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Unit Group||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Unit Investments SA||Parent Company||Energy|
|Yapi Kredi Bankasi||Investor||Finance||invests in||Yapi Merkezi||Parent Company||Transport|
|Yapi Merkezi||Parent Company||Transport||owns||Canakkale Otoyol||Client||Transport|
Project Contact: Ms. Sinem Emiroglu
Head of Financial Institutions, Yapi ve Kredi Bankasi A.S.
Telephone No.: +90 212 339 70 00
Email Address: email@example.com
Office Address: Yapi ve Kredi Bankasi A.S. Yapi Kredi Plaza D Blok Levent 34330 Istanbul Turkey
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/