As stated by the IFC, the proposed financing package to Akbank consists of (i) IFC A Loans of up to US$60 million on own account (including US$10 million credit insurance); and (ii) B1 Loans of up to US$11 million equivalent. The proposed investment is a part of IFC’s wider earthquake response project (FIG TUR-ER, Project #48230) which entails up to US$600 million to 5 Turkish banks. The investment will support Akbank’s lending program to Retail customers and Micro, Small and Medium Enterprises in the Earthquake Region.
The project FIG TUR-ER, #48230 could not be found on the IFC's website at the time of disclosure of this investment.
The IFC categorized the project risk as FI-2.
As stated by the IFC, established in 1948, Akbank is a commercial bank offering a wide array of financial services. In addition to banking services, Akbank also offers leasing, investment, asset management and e-money services via its successful subsidiaries.
Akbank is Turkiye’s third largest private bank with total assets of TL 1.717 billion as of September 2023. With over 12,000 employees, the bank has a strong geographical reach operating through 713 branches across the country.
51% of Akbank shares are publicly traded on the Istanbul Stock Exchange while the remaining is owned by strong and well-known local shareholder, Sabanci Holding (including affiliated institutions and individuals) which is the second largest multi-business enterprise in Turkiye.
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