CEE-focused investor Abraaj Group has taken a minority stake in Turkish bank Fibabanka, joining existing investors International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).
The deal sees Abraaj acquire a stake in the Turkish consumer bank through one of the GP's funds. Abraaj plans to expand Fibabanka's franchise and support the company's further growth in Turkey.
The GP joins a group of minority-stake investors that include IFC and EBRD. In May last year, EBRD took a 9.95% stake in Fibabanka in a co-investment with IFC, according to a project summary document published by EBRD.
Headquartered in Istanbul, Fibabanka is a local consumer bank with 80 branches and 1,300 employees.
The bank's assets total $4.3bn with a loan book of $3.2bn as of the end of Q1 2016.
Abraaj Group – Arif Naqvi (founder, CEO).
Anna Morrison joins from IFM Investors, where she managed the firm's fund-of-funds programme
Fund's predecessor, Isomer Capital Fund, closed on €150m in February 2016
Funding will be used to hire more staff, support product development and meet customer demand
True Core VII provides seed and early-stage capital, while True Select IV provides follow-on capital