TurSEFF III - Isbank (EBRD-48569)

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
Oct 4, 2017
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
TURKIYE IS BANKASI AS DPR
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Energy
  • Finance
  • Hydropower
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)
$ 55.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 55.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 3, 2018

Disclosed by Bank Dec 20, 2017


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Project Description
This project provides financing to Turkish bank Turkiye ii Bankasi A.S. for on-lending to private and public sector companies to finance resource efficiency and small scale renewable energy investments.
Investment Description
  • European Bank for Reconstruction and Development (EBRD)
This investment is a subscription to the senior notes issued under the company's existing Diversified Payment Rights programme.
Private Actors
Isbank is the largest private bank in Turkey by total assets, deposits and loans. As of September 2017 unconsolidated figures, Isbank had total assets of €83.3 billion and capital of €9.8 billion. Isbank has an unparalleled regional branch network among private banks with 1,370 domestic and foreign branches. Isbank is currently rated BB+ (stable) by Fitch (August 2017), BB (negative) by Standard and Poor's ("S&P", January 2017) and Ba2 (negative) by Moody's (March 2017).
Contact Information
Meryem Onel Meryem.Onel@isbank.com.tr 90 212 316 28 41 Page 3 90 212 316 08 32 www.isbank.com.tr Türkiye Is Bankasi A.S International Banking Division Is Kuleleri Kule:1 Kat:25 34330 4.Levent - Istanbul 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.