SEKERBANK T.A.S.
Status: Completed investmentWhy disclosure?
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In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
Sekerbank is a long-standing client of FMO which ranks among the top 16 banks in Turkey. This mid-sized Turkish bank has a strong focus on rural SME’s, and is one of the leading players in the green banking segment in Turkey, with its successful EKO Kredi product (energy efficiency for SME/home owners). As the first Turkish bank Sekerbank published an integrated sustainability report, and it embraced the SDG-agenda.
What is our funding objective?
The product is an SME-covered bond, which has a dual recourse on the bank and on its SME-loan portfolio. This transaction was the first FMO’s transaction with the recently introduced ‘inclusive label’, due to its link to Sekerbank’s small farmers client segment in rural Anatolia. With this transaction, FMO reaches 4,000 rural SME’s. Access to finance for this client segment in Turkey is still limited, and this transaction is a good example of how FMO contributes reducing inequalities.
Why do we fund this investment?
With this long-term local currency transaction FMO continues to position itself as a preferred partner for Sekerbank and in Turkey as a true local community financier. The additionality of FMO in this transaction lies also in the long-term local currency funding, which is still scarce for Sekerbank as a second-tier bank, despite the good risk rating of the bond.
What is the Environmental and Social categorization rationale?
The project has been categorised as Category B in accordance with FMO’s Sustainability Policy. The Project’s activities are deemed to have potential limited adverse environmental and social risks and/or impacts. As part of the Project, Sekerbank will be required to apply the EDFI Exclusion List and Turkey's E&S laws and regulations.
More investments
| Date | Total FMO financing |
|---|---|
| 12/13/2021 | EUR 15.00 MLN |
| 12/29/2020 | EUR 20.00 MLN |
| 12/29/2020 | EUR 16.50 MLN |
- Website customer/investment
- http://www.sekerbank.com.tr
- Region
- Europe & Central Asia
- Country
- Türkiye
- Sector
- Financial Institutions
- Effective date
- 12/18/2017
- End date
- 12/29/2020
- Total FMO financing
- TRY 192.00 MLN
- Funding
- FMO NV
-
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - B