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IFC Support to Sekerbank Will Help 10,000 Micro and Small Enterprises in Turkey


In Istanbul:
B. Silan Genc
Phone: +90 (212) 385-3029
E-mail: SGenc@ifc.org


Istanbul, Turkey, November 14, 2007 — IFC, a member of the World Bank Group, today announced the signing of a seven-year loan agreement with Sekerbank to help expand its microfinance and small and medium enterprise program. The €36 million loan will enable the bank to reach more than 10,000 micro and small entrepreneurs through its nationwide branch network across Anatolia.

Microenterprises and SMEs are key sources of job creation in Turkey, where the unemployment rate is 9.9 percent as of 2006.  Sekerbank’s approach will contribute to Turkey’s development by providing banking products and services to smaller businesses that have been underserved by banks.

Dr. Hasan Basri Goktan, General Manager of Sekerbank, said “The €36 million loan from IFC is an indication of trust to Turkey and Sekerbank amid current developments in the international markets. This is far more important than the amount of the loan. IFC is financing private sector investments in emerging markets and providing advisory services. After detailed assessments and evaluations, IFC selected Sekerbank as a partner. This credit agreement is a reflection of performance and sound financial standing of Sekerbank and Turkey. Dr. Hasan Basri Goktan also said: “This new approach we implement will contribute to the development of Turkey through providing banking services to customers who have not been served properly by the standard banking approach. We are delivering full spectrum of services and products to small enterprises through our nationwide branch network all across Anatolia. We are extending our caring service approach to our customers at our branches to meet all their needs.”

Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said, “We are pleased to strengthen our relationship with Sekerbank. At IFC, we support well-managed financial institutions in Turkey to reach the micro and small business sectors, while helping develop the country’s financial sector.”

Sekerbank’s microfinance and SME program is expected to be far-reaching in building confidence in Turkey’s financial sector. Microfinance in the country is in its early stages, and there is significant opportunity for growth in this underserved sector.

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that poor people have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.

About Sekerbank
Sekerbank, established in 1953, is active in corporate, commercial, retail, and SME banking.  Its initial public offering was in 1997, and current shareholders include Sekerbank Pension Fund and Turan Alem Securities JSC (33.98 percent each), the public (30.75 percent), and private sugar factories and the Beetroot Cooperatives and Union (1.29 percent). Sekerbank has 230 branches, 10 regional offices in Turkey (three in Istanbul and seven in Anatolia), and one representative office abroad.  

Sekerbank serves its customers through its 233 ATMs and has sharing agreements for over 4,000 other ATMs.  It provides banking services through its Web site (www.sekerbank.com.tr) and by telephone.  Its subsidiaries include Seker Investment, Seker Factoring, Seker Leasing, Seker IT Services, Sekerbank Kıbrıs Ltd., and Tarpam A.S.