Abraaj takes minority stake in Fibabanka

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.

Company
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.

People
Abraaj Group – Arif Naqvi (founder, CEO).

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• Topics
• Financials
• CEE
• Expansion
• Turkey
• Abraaj Capital
• EBRD
• Minority investing