Denizbank- Green Bond (EBRD-55409)

Countries
  • Turkiye
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 7, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
DENIZBANK AS
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 350.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Oct 16, 2025

Disclosed by Bank Sep 18, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the project consists of an investment of up to USD 100 million in DenizBank's ("DB") debut Green Bond funding programme. DB is a commercial bank organised as a joint stock company in Turkiye. The bond will be issued under DB's Sustainable Finance Framework, aligned with the International Capital Market Association's Green Bond Principles.

The Project promotes the transition to environmentally sustainable, low-carbon and climate-resilient economy in Turkiye, with 100% of the EBRD financing allocated to GET-eligible investments. By adhering to established green bond framework and principles, the Project aims to channel funds towards eligible green projects and contribute to the further development of the green bond market in the country.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised FI (ESP 2019). DB is an existing client of the Bank and its environmental and social (E&S) performance to date under existing exposures has been satisfactory. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

An investment of up to USD 100 million.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Denizbank - DB is the 5th largest private bank in Türkiye with total assets of EUR 40.1bn (4.7% market share) as of 1H2025, on a consolidated basis and rated Ba2 (Stable) by Moody's and BB- (Stable) by Fitch. DB is 100% owned by Emirates NBD Bank PJSC ("ENBD") which is rated A1 (Stable) by Moody's and A+ (Stable) by Fitch. ENBD, which is listed on the Dubai Financial Market, is 40.9% owned by the Investment Corporation of Dubai, 14.8% by DH 7 LLC and 5.3% by Capital Assets LLC, and 39% is in free float. 


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

COMPANY CONTACT INFORMATION

Nimet Sinem Yahsi
NimetSinem.Yahsi@denizbank.com
0(212) 348 54 53
https://www.denizbank.com/en/
Buyukdere Cad. Esentepe Mahallesi No: 141 Esentepe, Istanbul, Sisli 34394

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

How it works

How it works