Lease Securitization

completed

Summary Of Project Information (SPI)Project NameTurkey - Lease SecuritizationRegionCentral & Southern EuropeSectorProject No009551Projected Board DateSeptember 28, 1999Company NameGaranti LeasingTechnical Partner and/or Major Shareholders Garanti Leasing is an 80% owned subsidiary of Garanti Bank, a commercial bank established in 1946, and one of Turkey’s leading private banks. The remaining 20% share is owned by Korfez Bank. Garanti Bank and Korfez Bank are members of the Dogus Group of Companies. The Dogus Group is a Turkish conglomerate with interests in construction, financial services, automotive production and sales, food processing, leisure, mass media, and other services. The Group was established in 1951, is owned by the Sahenk family and is professionally managed.Project Cost Including proposed IFC investment Project cost: up to US$70 million. This will be funded by an up to US$10 million IFC A Loan and an up to US$60 million IFC B Loan.Location of project and Description of site Garanti Leasing is located in Turkey, with its headquarters based in Istanbul.Description of Company and Purpose of Project Garanti Leasing is among Turkey''s largest leasing companies with assets of US$210 million as at June 30, 1999. The proposed project consists of the securitization of a portfolio of lease receivables held by of Garanti Leasing in order to provide the company with medium term funding which it cannot access otherwise through direct borrowings on its balance sheet. Garanti Leasing will use the proceeds to better match its asset-liability structure, further strengthen its balance sheet and built a more diversified leasing portfolio.Environmental Category and Issues This is a Category FI Type 1 project. Garanti Leasing will be required to implement an environmental management system and require that leased assets under relevant operations comply with the applicable environmental, health and safety requirements of Turkey. IFC will work with Garanti Leasing to develop a capacity to ensure these requirements are met. Garanti Leasing will be required to provide an annual environmental performance report.  Date SPI sent to InfoShop August 27, 1999     “This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384