TUR-ER YKB (IFC-48793)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Turkiye
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
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
B
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
Jul 13, 2023
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
Yapi ve Kredi Bankasi A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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)
$ 60.00 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.
Loan Amount (USD)
$ 60.00 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)
$ 80.00 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.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 26, 2024

Disclosed by Bank Sep 5, 2024

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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.

As stated by the IFC, the proposed financing package to Yapi ve Kredi Bankasi A.S. (YKB or the Bank) consists of (i) an IFC A Loans of up to US$60 million on own account (including US$ 10 million credit insurance) and ii) a Bl Loans ofup to US$20 million equivalent (the Project). The proposed investment is a part ofIFC's wider earthquake response project (FIG TUR-ER, Project #48230) which entails up to US$600 million to 5 Turkish banks. The Project will support YKB to meet the immediate demand for Retail/Micro/Small/medium sized business loans in the Earthquake Region, and further support the Bank to extend new loans to the aforementioned segments in the Region, thus supporting post-earthquake relief and recovery efforts.

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

The IFC disclosure states that the investment amount would be up to US$ 60 million, but also that the Board approved an investment of US$ 310 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.

As stated by the IFC, YKB is a privately owned Turkish bank and the 4th largest private bank in the country as of September 30, 2023. The Bank serves its customers through retail banking (comprising of Payment Systems, Individual Banking, Business Banking, Private Banking and Wealth Management), Commercial and SME Banking, as well as Corporate Banking. The Bank's operations are supported by domestic subsidiaries in asset management, brokerage, leasing, and factoring as well as international banking subsidiaries in the Netherlands and Azerbaijan. The Bank operates through a network of 796 branches spanning across 73 cities in Türkiye.

YKB is majority-owned by Kog Group (61 %). The remaining 39% ofthe shares are listed on Borsa Istanbul (Türkiye's sole stock exchange). Founded in 1926, Koc Group is one of the largest business groups in Türkiye and across Europe. It is among Türkiye's largest industrial and services group in terms of revenues (equal to 9 % of Türkiye's GDP), exports (7% of Türkiye's exports), number of employees, and market capitalization. Kog Group had a total asset size of TL 2,331 billion as of end of September 2023.


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.

Financial Intermediary - Yapi ve Kredi Bankasi A.S.:

Ezgi Bezel - Manager
Phone: +90 212 339 70 00
Email: ezgi.bezel@yapikredi.com.tr
Address: Yapi ve Kredi Plaza D Blok Levent 34330 Istanbul, Turkiye
Website: https://www.yapikrediinvestorrelations.com/en/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works