Turkasset - Syndicated Loan (EBRD-48674)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
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
Dec 2, 2016
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
Turkasset Varlik Yonetim A.S.
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)
$ 33.80 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported TRY 120
Converted using 2016-08-31 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS May 2, 2017

Disclosed by Bank Aug 31, 2016


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Project Description
The EBRD and commercial co-lenders are financing a TRY 120 million syndicated secured long-term loan to Turkasset Varlik Yonetim A.S., the largest non-performing loan asset manager in Turkey.According to bank documents, this financing will support Turkasset in further expanding its non-performing loan asset purchases from financial institutions in Turkey and will enable the company to lengthen the maturity profile of its funding and to diversify its investor base.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Established in 2008, TURKASSET VARLIK YOENETIM A.S. is the largest non-performing loan and distressed asset management company in Turkey with a 35 per cent market share, total assets of EUR 241 million and total equity of EUR 92 million as of end of 2015.
Contact Information
Olga Ucoz Olga.ucoz@turkasset.com +902123558000 https://www.turkasset.com/ Profilo Plaza B Blok Kat:1 Mecidiyekoy 34394 Istanbul Turkey ACCOUNTABILITY MECHANISM OF EBRD The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.