Turkish bank secures $410 mln securitization loan

ISTANBUL (A.A) - August 23, 2011 - Turkish lender Yapi Kredi has secured a 5-year securitization loan of $410 million with a two-year grace period. 
The bank said in a written statement that the loan secured from WestLB, Wells Fargo, SMBC Securities, Standard Chartered, International Finance Corporation (IFC) and German Investment Agency. 
The loan will be used in renewable energy projects and Small and Medium-size Enterprises (SMSEs) operating in the sector of agriculture. 
Turkey's Yapi Kredi has secured $2.7 billion since 2003. 
Founded in 1944 as Turkey's first private bank with a nationwide presence, Yapi Kredi is a pioneer in retail banking and innovation and the driving force of financial services in Turkey.
Yapi Kredi merged with Kocbank in October 2006. Kocbank was dissolved, and all its rights, receivables, obligations and liabilities were transferred to Yapi Kredi. The new combined legal entity retained the Yapi Kredi name.
Following the merger in October 2006, 80.2% of Yapi Kredi was owned by Koc Financial Services (KFS) while minorities' stake in the Bank was 19.8%. Following the completion of the share exchange between KFS and Yapi Kredi in October 2007 for the transfer of the shares owned by KFS in YK Leasing, YK factoring and YK Azerbaijan to Yapi Kredi, the ownership of KFS in Yapi Kredi increased to 81.8% while the minorities share has changed to 18.2%.
Yapi Kredi is positioned as the fourth largest privately-owned commercial bank by asset size in Turkey, with leading positions in credit cards, assets under management, factoring, private pension funds, leasing, life and non-life insurance.