The European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC) signed subscription agreement to equally acquire 9.95% stake (19.9% in total) in Turkey’s Fiba Holding’s banking unit Fibabanka, the EBRD announced on October 23 in a written statement and Fibabanka informed in a filing with the Bourse Istanbul (BIST).

The EBRD would have €300mn to €400mn of investments in Turkish assets this year, Jean-Patrick Marquet, the bank’s country director, has said in August. The investment plans for this year are the EBRD’s largest yet for Turkey and among the biggest of any country where the bank operates, Marquet said, adding that the bank has invested €880mn in 17 projects in the first half of 2015.

Turkish businessman Husnu Ozyegin established Fibabanka in 2010 by acquiring Millennium Banco Comercial Português’ Turkey unit. Fibabanka is currently 22^nd largest lender among Turkey’s 47 lenders by asset size. The lender operates 67 branches and employs more than 1,200 personnel. Fibabanka operates with a paid-in capital of TRY679mn. Fibabanka completed the acquisition of 5250m2 office space in the Mecidiyekoy district for a consideration of $65.25mn.

Fibabanka will be the EBRD’s first equity investment in a Turkish bank. The Bank has invested over €6bn in Turkey through more than 160 projects in infrastructure, energy, agribusiness, industry and finance since 2009. In 2014 Turkey became the leading recipient country of the EBRD, with new investments worth €1.4bn. The bank aims to increase its Turkish lending and investments to €1.75bn this year, Marquet informed in August.