LBT Varlik Yonetim A.S

Location:

Turkey

Project number:

42385

Business sector:

Insurance, Pension, Mutual Funds

Notice type:

Private

Environmental category:

FI

Approval date:

12 May 2011

Status:

Disbursing

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

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

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

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