Summary of Proposed Investment
Project Number
8625
Company Name
Osmanli Bankasi A.S. (Ottoman Bank)
Date SPI Disclosed
Apr 2, 1998
Country
Turkiye
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Regional Industry FIG MCT
Environmental Category
FI
Previous Events
Approved : May 29, 1998
Signed : Jun 23, 1998
Invested : Jun 26, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | Turkey-Ottoman Bank |
| Region | Europe |
| Sector |
Projected Board DateMay 2, 1998
Company NameOttoman Bank
Technical Partner and/or Major Shareholders
Ottoman Bank is wholly owned by Garanti Bank (99.9%), which in turn is majority owned (86%) by the Dogus Group, one of Turkey’s largest conglomerates. Garanti Bank is one of Turkey’s largest private commercial banks and provides a wide range of services to both corporate and retail customers.
Project Cost Including Proposed IFC Investment
The total project cost is US$104 million, broken down as follows: (i) IFC A Loan: US$15 million; (ii) IFC B Loan: US$85 million; (iii) IFC Swap Facility: US$4 million (loan equivalent amount).
Location of Project and Description of Site
n/a
Description of Company and Purpose of Project
(include IFC’s Role and Development Impact)
The proposed project will introduce Ottoman Bank to a new class of international investors which will enable the Bank to further diversify its sources of funding and also to lengthen the maturity of its funding base. The proceeds of the funding program would be used by the Bank to provide term finance to private sector clients.
Environmental Category and Issues
This is a Financial Intermediary (FI) category project according to IFC’s environmental review procedures. For relevant operations, Ottoman Bank will be required to undertake an environmental review of eligible borrower’s environmental performance and each sub-project’s compliance with the Government of Turkey’s environmental, health and safety laws, regulations and standards as well as applicable World Bank policies and guidelines. In addition, IFC will assess Ottoman Bank’s capability to carry out environmental reviews.
| Date SPI sent to InfoShop | April 2, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Sponsor / Cost / Location
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