Isbank GEO SME (IFC-40613)

Countries
  • Georgia
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
Proposed
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
Dec 15, 2018
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
ISBANK GEORGIA JSC
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)
$ 10.00 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 Mar 13, 2019

Disclosed by Bank Nov 7, 2018


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Project Description

This project provides financing to JSC Isbank Georgia for funding small and medium-sized enterprises in Georgia. 

Investment Description
  • International Finance Corporation (IFC)
Private Actors

JSC Isbank Georgia: is headquartered in Tbilisi, Georgia and has one branch in Tbilisi and one in Batumi. The Bank started its operations in Georgia in mid-2012 in the form of a branch of Isbank in Batumi. Three years later Türkiye Is Bankasi A.S. obtained a general banking license and converted its branch into a local subsidiary as it was initially agreed with the National Bank of Georgia.

Türkiye Is Bankasi A.S.: founded in 1924, Isbank is the largest private bank in Turkey with total assets of TRY 484.7bn on a consolidated basis by the end of 2017 (equivalent to US$ 129.4bn with an exchange rate of 3.745 USD/TRY for 2017 YE). Isbank's credit ratings are B+ negative from Fitch Ratings,B2 negative from Moody's Investor Services, and B+ negative from S&P.

Contact Information

JSC Isbank Georgia 
Khatia Babukhadia 
Head of Financial Institutions Division 
+995 322 310 518 
khatia.babukhadia@isbank.ge 
No. 140/B, Agmashenebeli Av., 0102, Tbilisi, Georgia 
www.isbank.ge 

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/