PROJECT

Projects

Summary of Investment Information

Project Number

35496

Company Name

TuranBank OAO

Date SPI Disclosed

Oct 21, 2014

Country

Azerbaijan

Region

Europe

Projected Board Date

Nov 21, 2014

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Dec 10, 2014
Signed : Dec 22, 2014
Invested : Mar 2, 2015

Sector

Commercial Banking - Microfinance

Project Description

The proposed project consists of a senior loan of up to US$7 million to TuranBank OJSC (“TuranBank”), an existing investment partner of IFC. The proceeds from the Project will serve to expand the Bank’s lending program to MSMEs (the “Project”).

This Project supports a strong financial intermediary with a successful track record. The Project is also instrumental in supporting the expansion of non-oil industries in Azerbaijan.

Turan Bank is a Tier II Bank that was established in 1992 as an LLC and became a joint stock company in March 2005. The Bank’s vision is to be a universal bank providing a wide range of banking products and services to MSMEs and individuals through a wide network of branches and regional centers. TuranBank operates through a network of 14 branches, including 8 branches in the regions. The Bank is re-directing its services to MSME sector since 2007 after being a boutique bank focused on large corporate clients.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation