QNB FinansL SL (IFC-41081)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
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
Hold
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
May 26, 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
QNB FINANS FINANSAL KIRALAMA ANONIM SIRKETI
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
  • Industry and Trade
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)
$ 100.00 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 Apr 26, 2018


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Project Description

This project proposes to provide financing to QNB Finans Finansal Kiralama A.S. for funding energy efficiency, renewable energy and resource efficiency projects proposed by small and medium-sized enterprises (SMEs) in Turkey.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • QNB Finans Finansal Kiralama Anonim Sirketi -- Financial Intermediary
  • QNB Finansbank A.S. -- Parent Company

QNB Finansbank A.S., owns 99.4% of Finans Leasing as of April 2018. The remaining 0.6% comprises free-float shares traded on Borsa Istanbul.

QNB Finansbank A.S. was acquired by Qatar National Bank (“QNB”) from National Bank of Greece in June 2016, together with its subsidiaries. The acquisition has improved the credit profile of the Company.

QNB is 50% owned by Qatar Investment Authority, the sovereign wealth fund of the Government of Qatar, and 50% is free float. QNB is the largest bank in Qatar as well as the Middle East and Africa region (US$222.7 billion in total assets at year-end 2017). It has a strong presencein 30 countries across Asia, Africa, Europe and the Middle East. 

Contact Information

No contact information available at time of writing.

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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/