Turkasset - Syndicated Loan

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 48674

Status Complete

Location

Türkiye

Business Sector

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 48674

Status Complete

Location

Türkiye

Business Sector

Notice Type

Private

Environmental Category

Approval Date

02 Dec 2016

Disclosure date

31 Aug 2016

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Translated version of this PSD: Turkish

Project Description

The EBRD and commercial co-lenders are considering providing an up to TRY 120 million syndicated secured long-term loan to Turkasset Varlik Yonetim A.S., the largest non-performing loan (NPL) asset manager in Turkey.

Project Objectives

The operation will support Turkasset in further expanding its NPL purchases from financial institutions in Turkey and will enable the company to lengthen the maturity profile of its funding and to diversify its investor base.

Transition Impact

The transaction is the first syndication of an NPL asset management company in Turkey and will (i) provide funding for further portfolio purchases, thereby deepening the Turkish NPL market and (ii) introduce a new borrower asset class to international investors.

The Client

TURKASSET VARLIK YOENETIM A.S.

Established in 2008, Turkasset is the largest NPL and distressed asset management company in
Turkey with a 35 per cent market share, total assets of EUR 241 million and total equity of EUR 92
million as of end of 2015.

EBRD Finance

TRY 60,000,000.00
TRY 120 million secured long term loan to be syndicated to co-lenders.

Project Cost

TRY 120,000,000.00

Environmental Impact

Categorised FI. Turkasset Varlik Yonetim will be required to comply with the EBRD's Performance
Requirements (PR) 2,4 and 9 and submit Annual Environmental and Social Reports on the
implementation of the PRs to the Bank.

Technical Cooperation

None.

Company Contact

Olga Ucoz
Olga.ucoz@turkasset.com
+902123558000
https://www.turkasset.com/
Profilo Plaza B Blok Kat:1 Mecidiyekoy 34394 Istanbul Turkey

Transition impact

ETI Score:55

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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