Financed ProjectsAK Lease - SME Leasing Facility

Identification Code:

OP/21/0004

Total Operation Cost:

35.000.000

Maturity:

60 months

Operation Status:

Description and Purpose of the Operation:

The SMELF will support AK Lease’s activities and diversify its funding sources. The proceeds of the Facility shall be used by the Borrower exclusively for the purpose of financing new and re-financing of existing lease transactions with beneficiaries satisfying the lease transaction eligibility criteria.

Countries of Operation:

Türkiye (100,00 %)

Financial Product:

SME's

Sector:

Financial Institutions

Domain:

Private

Borrower/Client:

AKLease was established as BNP-AK-Dresdner Leasing in November 1988, a joint venture between Akbank, Dresdner Bank and BNP Paribas. Akbank acquired the entirety of AKLease in 2005 and subsequently renamed it AKLease. AKLease is 99.9% owned by Akbank, with the remainder owned by Sabanci Holding affiliates. AKLease has close to 10% market share and one of the top 3 leasing companies in Turkey, in terms of asset size. The company operates with 10 branches. AKLease serves to its shareholders, employees, customers within the framework of principles regarding honesty, reliability, accountability, transparency, compliance with laws, looking out for social utility and respect towards environment.

Co-Financiers/Participants:

n/a

Guarantors/Sponsors:

n/a

Developmental and Regional Cooperation Impact:

The operation is expected to have favorable economic benefits for the Turkish economy, except the most relevant being additional tax revenue gains from increased economic activity under the additional amount provided. Moreover, the additional amount provided will further enhance benefits such as increases in employment, increase in export capacity and competitiveness, and multiplier effects for other parts of the economy in Turkey. The regional cooperation element is expected to be modest. Other BSTDB countries are important trade partners for Turkey so to the extent SMEs benefiting from financing from the operation engage in export activities, there will be regional cooperation benefits.

Environmental Classification and Impact (summary):

All transactions to be financed under the loan shall be subject to BSTDB’s Environmental and Social Policy.

Operation Leader:

Financial Institutions I

E-mail:

fi1@bstdb.org