DCM Akbank CBond (IFC-39781)

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, 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
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)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 150.00 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 Jul 6, 2017


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Project Description

According to IFC website, the proposed project involves supporting a leading Turkish commercial bank and an existing IFC partner, Akbank T.A.S., through the purchase of an IFC-only issuance of mortgage covered bonds of up to US$150 million or its equivalent in Turkish Lira. Proceeds from IFC’s investment would be used to support the extension of housing loans to Turkish borrowers, helping further strengthening residential housing finance, including green mortgages. The expected development impacts are:

1. The Project would support further growth in the mortgage sector: IFC long term funding would enhance access to housing finance in Turkey, which has an attractive demographic profile and is underpenetrated.
2. Mitigate climate change by financing energy efficient green residential buildings.
3. Supporting a covered bond program in Turkey that meets international standards.

Investment Description
  • International Finance Corporation (IFC)

Akbank's majority shareholder is Sabanci Holding A.S., affiliated institutions and individuals with a 48.9% stake, while the remaining 51.1% is publicly traded on Borsa Istanbul.

Sabanci Holding A.S. is one of the two largest multi-business enterprises in Turkey composed of 69 affiliates with a total assets of USD 96,8 billion mainly operated in financial services, energy, retail, cement and industrial businesses. Its shares are listed on Borsa Istanbul.

Private Actors

Akbank's majority shareholder is Sabanci Holding A.S., affiliated institutions and individuals with a 48.9% stake, while the remaining 51.1% is publicly traded on Borsa Istanbul.

Sabanci Holding A.S. is one of the two largest multi-business enterprises in Turkey composed of 69 affiliates with a total assets of USD 96,8 billion mainly operated in financial services, energy, retail, cement and industrial businesses. Its shares are listed on Borsa Istanbul.

Contact Information

Project Contact: Levent Cem Egritag
International Banking Senior Vice President, Akbank T.A.S
Telephone No.: +90 (212) 385 62 46
Email Address: Cem.Egritag@akbank.com
Office Address: Sabanci Center 4.Levent, 34330 Istanbul, Turkey
Website: www.akbank.com

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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/