SMBC Turkey RSF (IFC-39529)

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
Jun 12, 2017
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
Sumitomo Mitsui Banking Corporation
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)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 225.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 3, 2018

Disclosed by Bank May 12, 2017


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to IFC website, the project is a three-year, unfunded risk sharing facility whereby Sumitomo Mitsui Banking Corporation and IFC would share the risk, on an up to 50-50% basis, in a portfolio of up to US$450 million of senior loans that SMBC provides to banks in the Europe and Central Asia region.

The project is expected to provide financing to key financial intermediaries in the ECA region. Indirectly, this increased capacity will also improve the availability of credit to local producers and importers along the value chain and in a wide variety of sectors. IFC's support is much needed in the region to help financial intermediaries build capacity for their funding needs.

Investment Description
  • International Finance Corporation (IFC)

SMBC was established in April 2001 by the merger of two leading Japanese banks: The Sumitomo Bank and the Sakura Bank. The Sumitomo Bank was a major Japanese bank founded in 1895; the Sakura Bank was a descendant of Mitsui Bank, another major Japanese bank founded in 1876. SMBC is a wholly owned subsidiary of the holding company, Sumitomo Mitsui Financial Group, a financial conglomerate including other financial services such as leasing, securities, credit card, mortgage and venture capital. SMBC is one of the largest commercial banks in Japan with an extensive network and growing international presence, and is one of the key partners for IFC. The Bank has offices in over 38 countries and regions in the Americas, Europe, Middle East, Africa, Asia, and Oceania.

Private Actors

SMBC is one of the largest commercial banks in Japan with an extensive network and growing international presence, and is one of the key partners for IFC.  The Bank has offices in over 38 countries and regions in the Americas, Europe, Middle East, Africa, Asia, and Oceania.

As of September 30, 2016, the Bank had total assets of US$1,469 billion, of which total loans constituted 48% or US$703 billion. Total deposits equaled US$979 billion and total stockholders’ equity equaled US$66 billion at the end of the period. The Bank has a relatively strong liquidity position and good credit quality. SMBC is rated “A” by Fitch, “A” by Standard & Poor’s, and “A1” by Moody’s.

Contact Information

Sumitomo Mitsui Banking Corporation Europe Limited
Telephone No.: +44 (0) 20 7786 1000
Office Address: 99 Queen Victoria St, London EC4V 4EH, United Kingdom
Website: https://www.smbcgroup.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/