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 Özye?in, 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.

Turkey completes one-third of portable wall on border with Syria

Feminist initiative #MoreWomen photoshops men out of politics to underline inequalities

8 funny responses to the 'thrones' that welcomed Merkel in Istanbul

Halfeti - A town of mesmerizing beauty

Exhibition shows Istanbul through eyes of children

Secret weapons of Turkish army: locally produced rocket launchers, missile systems

The bugs of Ankara: The weirdest scenes that...