LBT Varlik Yonetim A.S - Debt

Location:

Turkey

Project number:

42386

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Target board date:

12 May 2011

Status:

Complete

PSD disclosed:

27 Apr 2011

Translated version of this PSD: Turkish

Project Description

The EBRD is considering equity and debt finance for LBT Varlık Yönetim A.Ş. (the “Company”).

The EBRD finance will be used to further expand the Company’s business of acquiring and resolving non-performing corporate and retail loans and receivables (“NPL”) from originating financial institutions in the country.

Transition Impact

The Project will support a leading NPL asset manager to further expand its existing operations and the NPL market in Turkey as a whole. This is expected to have a beneficial impact on financial institutions’ balance sheets, introduce further efficiency in the NPL market and continue setting of standards of reputable and responsible resolution of NPLs in the country.

The Client

The Company is one of the leading NPL asset managers in Turkey, focusing on acquisition and resolution of non-performing loans and receivables from originating financial institutions in the country.

EBRD Finance

Up to TRY 100 million of equity and debt finance.

Project Cost

Up to TRY 100 million.

Environmental Impact

Categorised FI. LBT will be required to comply with the EBRD's Performance Requirements 2 and 9 and submit annual environmental and social reports to the EBRD. The Company's NPL collection procedures are implemented based on the UK and US best practices. ESDD training will be provided by the Bank to LBT.

Technical Cooperation

None.

Company Contact

Mr. Ilker Yoney,
Investments Director

Email: ilker.yoney@lbtvarlik.com.tr
Tel: +90 212 355 8012

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

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Text of the PIP

Project Complaint Mechanism (PCM)

The Project Complaint Mechanism (PCM) is the EBRD's accountability mechanism. It provides an opportunity for an independent review of complaints from individuals and organisations concerning EBRD-financed projects which are alleged to have caused, or are likely to cause, environmental and/or social harm.

Please visit the Project Complaint Mechanism page to find information about how to submit a complaint. The PCM Officer (pcm@ebrd.com) is available to answer any questions you may have regarding the submission of a complaint and criteria for registration and eligibility, in accordance with the PCM Rules of Procedure.