EBRD acquires a stake in Turkey’s Fibabanka

EBRD acquires a stake in Turkey’s Fibabanka

EBRD acquires a stake in Turkey’s Fibabanka The European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) are acquiring minority stakes in Fibabanka, a fast-growing Turkish bank.

In its first equity acquisition in the Turkish banking sector, the EBRD is investing in newly issued shares representing up to 10 percent of Fibabanka’s share capital and voting rights, said the EBRD in a written statement late Oct. 23.

 It may also participate in potential future capital increases.

Fibabanka was established through the 2010 acquisition of the Turkish arm of Millennium Banco Comercial Português by prominent local businessman Hüsnü Özyeğin, the owner of FIBA Holding.

The bank currently ranks 22nd by assets out of 47 lenders in the Turkish banking sector. It operates a network of 67 branches across the country and employs over 1,200 people, according to the statement.

The EBRD started investing in Turkey in 2009 and currently operates from offices in Istanbul, Ankara and Gaziantep. In 2014, Turkey became the leading recipient country of the EBRD, with new investments worth 1.4 billion euros.

To date, the bank has invested over 6 billion euros in Turkey through more than 160 projects in infrastructure, energy, agribusiness, industry and finance.