Project number:


Business sector:

Manufacturing and Services

Notice type:


Environmental category:


Approval date:

03 Sep 2014



PSD disclosed:

29 Jul 2014

Translated version of this PSD: Turkish

Project Description

The EBRD is considering a senior loan of €20 million, part of a Syndicated Term Facility in the amount of €77.5 million led by the Royal Bank of Scotland, to Ekim Turizm Ticaret A.S. (also known as “Intercity”; “the company”) – the leading operational car leasing company in Turkey. The main objective of this project is to enable the company to expand its car fleet portfolio and reach out mostly to MSMEs, and to foster the growth of the underpenetrated operational leasing market in the country.

Transition Impact

The project supports the expansion of the leasing market in Turkey, and particularly, the underpenetrated operational car leasing market, whose share of total Turkish car park is materially below regional averages. Transition impact of the project is foreseen to be realised through demonstration of MSME operational leasing product as the company has increased its focus on serving MSME clients. In addition, the low penetration in this sector will be addressed through promoting the benefits of using operational leasing rather than direct car loans or financial leasing to MSME clients.

The Client

Established in 1992 by the Turkish entrepreneur Ali Vural Ak, Intercity is the largest automobile fleet operational leasing company in Turkey with more than 30,000 vehicles and 15% share of the fleet rental market in the country at the end of 2013. The majority shareholder is Mr. Ak (53%) through a wholly owned subsidiary while the remaining 47% are held by the Mitsubishi Corporation and Mitsubishi UFG Lease & Finance Co.

EBRD Finance

A senior secured loan of €20 million, part of the syndicated facility of €77.5 million led by RBS.

Project Cost

€77.5 million.

Environmental Impact

This is a Category B project according to EBRD’s Environment and Social Policy (ESP). It is unlikely to create significant environmental and social impacts.  The Environmental and Social Due Diligence was undertaken by means of a questionnaire and supplementary questions.  

Intercity confirmed that a formal environmental, health and safety management system is in place.  Human resources were generally well managed although need some additional improvements.  The most significant finding was related to road risk and that over 77% of InterCity’s vehicles were involved in traffic accidents in 2013.  However, these numbers have reduced over the last two years by over 10%.  The company has introduced measures to encourage their clients to drive safer including the introduction of a driving academy in partnership with DVR, a German Driving Safety Foundation.  This academy offers safe and efficient driving training for clients on a voluntary basis.  

The Bank will provide guidance on suitable measures to further develop Intercity E&S standards which will ensure compliance with the PRs.

Technical Cooperation


Company Contact

Mr. Mete Onol
CFO, Ekim Turizm Ticaret Sanayi A.Ş.
Akfırat Mahallesi, Göçbeyli Bulvarı, No. 1
Istanbul Park, B Kule , 34959 Tuzla / ISTANBUL

Tel : +90 216 645 7000


Business opportunities

For business opportunities or procurement, contact the client company.

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Text of the PIP

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