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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, visit
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.
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