FIF - TurWiB II - Akbank (EBRD-52627)

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
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
Jul 14, 2021
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 TAS
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)
$ 59.56 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 EUR 50 million
Converted using 2021-06-17 exchange rate.
Project Cost (USD)
$ 59.56 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 50 million
Converted using 2021-06-17 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jun 27, 2021

Disclosed by Bank Jun 17, 2021


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to the Bank's website, the project provides funding to Akbank TAS to finance women-led small and medium-sized enterprises in Turkey.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Financial Intermediary
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds.
Private Actors
Private Actors Description

AKBANK TAS

Akbank is the 7th largest bank in Turkey by asset size (4th largest amongst private and foreign banks), with total consolidated assets of EUR 53 billion as of December 2020. Akbank is currently rated B2 by Moody's and B+ by Fitch. Sabanci Holding and affiliated institutions and individuals own 48.9% of Akbank and the remaining shares (51.1%) are listed on Borsa Istanbul.

Contact Information

PROJECT CONTACT INFORMATION

Akbank Dis Kaynaklar
diskaynaklar@akbank.com
+90 212 385 62 38
+90 212 281 81 88
www.akbank.com
Sabanci Center 4. Levent Istanbul 34330

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

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 at: 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