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Alternatif Bank

Türkiye | Financial Institutions

Identification Code:: OP/10/0807
Total Operation Cost:: 105.000.000 USD
Maturity:: 126 months
Operation Status:: BSTDB Approved Amount – Approval Date

30.000.000 USD – 03 Dec 2010
: BSTDB Signed Amount – Signed Date

30.000.000 USD – 22 Dec 2010
: Status:
Completed
Description and Purpose of the Operation:: Co-financing together with IFC and FMO of a portion of subordinated loan in the total amount of USD 105 million to Alternatifbank that will qualify as Tier II capital of Alternatifbank and support its growth strategy focusing on small and medium sized enterprise segment.
Countries of Operation:: Türkiye (100,00%)
Financial Product:: Loans
Sector:: Financial Institutions
Domain:: Private
Borrower/Client:: Alternatif Bank, Turkey
Co-Financers/Participants:: —
Guarantors/Sponsors:: IFC, FMO
Developmental and Regional Cooperation Impact:: One of the BSTDB's key aims is to support the development of small and medium-sized enterprises (SMEs) which are crucial to the development of a vibrant private sector economy. In order to achieve this objective, the BSTDB makes financing available to SMEs through a range of intermediaries. The Bank aims to be simultaneously additional and complementary to other financiers, in order to maximize the development impact of its operations. Helping SMEs cope with the effects of the crisis is a difficult task. Providing financing alongside with other multilateral development finance institutions through selected capable financial intermediaries improves the outreach capability of the Bank together with its effectiveness. This operation, to some extent a pilot project, would test, and hopefully prove, the ability of the Bank to team up in an institutionalized manner, with shared long-term goals, with peer institutions in order to enhance the development impact of its operations, in particular with respect to the development of the SME sector.
Environmental Classification and Impact:: The Borrower nominated a SEMS Officer with the responsibility of overall administration and oversight for implementation of SEMS prior to disbursement, and agreed on a Social and Environmental Management System (SEMS) which will be implemented by the Borrower to assess projects against applicable E&S requirements, develop and incorporate guidance notes for SEMS implementation and report periodically on E&S performance and portfolio, including exposure to excluded activities. For the purpose of this transaction, the Bank will adhere to IFC E&S Performance Standards.
Operation Leader:: Financial Institutions I
E-mail:: fi1@bstdb.org