Intercity

completed

Intercity is the largest automobile fleet operational leasing company in Turkey with over 4000 cars and a 14% share of the fleet rental market in the country. Established in 1992 by Mr. Vural Ak, the company’s CEO, Intercity was one of the earliest entrants into the Turkish leasing sector. Intercity’s primary product is medium term vehicle leasing/financing for enterprises operating in Turkey. The company primarily leases cars, light vans, and trucks which are used for various commercial activities including: supporting sales staff, monitoring and managing inventory and transportation and delivery of goods. At the end of FY’03, the company reported total assets of over $84 million and total tangible equity of $14 million. The proposed project consists of a combined IFC investment of: - a term loan for IFC’s account of up to $15 million, - a term loan for the account of participating banks of up to $25 million, and - an equity investment amounting to up to 10% share of the company’s shareholding.