Istanbul, Turkey, October 23, 2015—
IFC, a member of the World Bank Group, is purchasing equity in Turkey’s
Fibabanka, a subsidiary of Fiba Group, to support the bank’s growth and
help expand access to finance to smaller businesses across Turkey, spurring
economic growth and job creation.
IFC is buying a stake of up to 10 percent in Fibabanka, as part of a joint
project with the European Bank for Reconstruction (EBRD).
In Turkey, small and medium enterprises (SMEs) represent about 90 percent
of all businesses and jobs. IFC’s investment in Fibabanka will help the
bank increase its competitiveness within a strong and competitive banking
sector and enable it to pursue its growth strategy for supporting more
micro, small, and medium enterprises (MSMEs).
“Our strategic partnership with IFC and EBRD – and the added value these
foreign partners bring – will help us achieve Fibabanka’s growth targets
even quicker,” said Husnu Ozyegin, Chairman of Fiba Holding.
Dimitris Tsitsiragos, IFC Vice President for Global Client Services, said:
“Turkey has a strong and dynamic banking sector, where the top 10 banks
represent nearly 85 percent of the market in terms of assets. Supporting
our long-term partner Fibabanka will help the bank increase its competitiveness
and enable it to implement its growth strategy, supporting more MSMEs.
This is perfectly in line with our strategy in Turkey, where MSMEs play
a critical role for job creation and economic growth.”
IFC provided a $30 million loan to Fibabanka in 2012 for on-lending to
women-owned SMEs in Turkey, a $40 million subordinated loan in July 2013,
and a trade finance line.
IFC has supported private sector development in Turkey for 50 years. With
a portfolio of around $4.3 billion, Turkey is the third-largest country
exposure for IFC globally. In line with the World Bank Group Turkey Country
Partnership Strategy for fiscal years 2012 to 2016, IFC has invested some
$2.8 billion in private sector projects in Turkey over the last three years.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence, to create opportunity where it’s needed most. In FY15,
our long-term investments in developing countries rose to nearly $18 billion,
helping the private sector play an essential role in the global effort
to end extreme poverty and boost shared prosperity. For more information,
Fibabanka A.Ş. joined the Fiba Group on December 27, 2010 and now offers
services in Corporate, commercial, SME, retail, agricultural and private
banking services with its network of 67 branches in Adana, Ankara, Antalya,
Bursa, Denizli, Düzce, Diyarbakır, Gaziantep, İçel, İstanbul, İzmir,
Kayseri, Kocaeli, Konya, Muğla, Şanlıurfa and Tekirdağ. For
more information, visit www.fibabanka.com.tr