The EBRD has acquired a minority stake in Fibabanka. The Bank has invested in newly issued shares representing 9.95 per cent of Fibabanka's share capital and voting rights. It may also participate in potential future capital increases. This is a co-investment with the IFC.
The EBRD will participate in a capital increase via a planned rights issue in place between shareholders of Fibabanka. The proposed investment amount will be used as part of Fibabanka's total capital increase of USD 30 million (EUR 26.3 million) in TRY equivalent.
The operation supports the growth of a small but high potential bank in Turkey.
The capital increase will have a positive impact on the main transition objective of the Bank's initial equity investment: demonstration effect of successful IPO or a merger/acquisition with/by another Turkish bank.
Sources of Transition Impact:
The proposed capital increase will strengthen the core capital of Fibabanka, helping to improve its resilience to market volatility as well as generate additional capacity for future growth. These are the key prerequisites for a successful IPO, which Fibabanka is aiming to accomplish in the coming years, when market conditions are favourable.
Fibabanka is a local mid-size bank in Turkey. Fiba Group acquired former Millennium Bank from Banco Commercial Portuguese in December 2010, turned it around and rebranded it as Fibabanka. As of December 2021, Fibabanka ranks 23rd out of 51 banks by assets with 1,766 employees, 47 branches.
EBRD Finance Summary
Up to € 75 million for (i) the subscription to newly issued shares of Fibabanka and (ii) potential future capital increases to support the expansion of the company.
Up to USD 3,000,000.00
Total Project Cost
EBRD total project cost: Up to € 75,000,000
Up to USD 3,000,000.00
Environmental and Social Summary
Categorised FI. Fibabanka will be required to comply with EBRD Performance Requirements 2, 4 and 9, implement ES Risk Management Procedures across its entire portfolio and submit Annual Environmental and Social Reports to the Bank.
Technical Cooperation and Grant Financing
Company Contact Information
Ahu Heper Dolu
+90 212 381 8270
+90 212 381 8595
Genel Müdürlük / Head Office Esentepe Mah. Büyükdere Caddesi No:129 Sisli 34394 Istanbul - Türkiye
PSD last updated
31 Mar 2022
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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