DCM-YKB Covered Bond

completed

The proposed project (the “Project”) involves supporting Yapi Kredi Bank A.S. (“YKB”, or the “Bank”), through the purchase of an IFC-only issuance of covered bond of up to US$150 million. The underlying asset pool will be backed by YKB’s existing mortgage portfolio. The proceeds of IFC’s investment would provide YKB long term financing to support the mortgage segment of its lending operations, with some portion to be allocated to ‘green’ mortgages per IFC's eligibility criteria.  Established in 1944, YKB is the 4th largest private bank in Turkey; operating in retail (individual and SME), private and corporate / commercial banking. As of end-2016, YKB operates all around Turkey through its 936 branches and 19,400+ employees. In addition to universal banking services, Yapi Kredi Group also operates in leasing, factoring and asset management businesses. Yapi Kredi Group also has banking subsidiaries in the Netherlands, Russia, Azerbaijan and Malta.  As of end-2016, YKB posted Total Assets of TRY271 billion, Net Loans of TRY176.5 billion and Net Income of TRY2,932 million on a consolidated basis.  YKB is an existing IFC client.