Summary of Proposed Investment
Project Number
7925
Company Name
ING BANK ANONIM SIRKETI
Date SPI Disclosed
Jan 9, 1997
Country
Turkiye
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : May 30, 1997
Signed : Jul 21, 1997
Invested : Aug 18, 1997
Project Description
Summary Of Project Information (SPI)
| Project Name | Turkey-Oyak Bank, A.S. |
| Region | Europe |
| Sector |
Projected Board DateFebruary 10, 1997
Company NameOyak Bank, A.S.
Technical Partner and/or Major Shareholders
Ordu Yardimlasma Kurumu (OYAK)
Project Cost Including proposed IFC investment
US$50 million, of which US$15 million will be for IFC’s own account and US$35 million will be for the account of participants in an IFC B Loan.
Location of project and Description of site
Istanbul, Turkey
Description of Company and Purpose of Project
Oyak Bank is a relatively small, well-capitalized bank with an excellent track record. It has a strong shareholder, experienced management, a sound portfolio and good financial performance. The proposed loan would be Oyak Bank’s first internationally syndicated term loan. The proceeds of the loan would be used to provide term finance to the bank’s corporate clients (at least 75% of the loan)and mortgage loans to its retail customers (up to 25% of the loan). The project would continue IFC’s efforts to support both the Turkish banking sector and private sector enterprises. Additionally the project would support new product development in the form of home mortgages.
Environmental Category and Issues
This is a category FI project according to IFC’s environmental review procedure. For relevant operations, the company will be required to implement an environmental risk management system.
| Date SPI sent to PIC | January 8, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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