EBRD Takes Part in Akbank SCF Program for Sok via Sullivan & Worcester
Deal News | Feb 04, 2025 | CEE Legal Matters
Sullivan & Worcester has provided legal counsel to the European Bank for Reconstruction and Development (EBRD) regarding an unfunded risk participation in Türkiye’s Akbank SCF program, benefiting Sok, a major retailer in Türkiye. This initiative enables over 100 suppliers, particularly SMEs in earthquake-impacted cities, to access much-needed working capital. This participation is further supported by the European Commission's IPA II Fund. Furthermore, legal support was extended to EBRD by the Turkish affiliate of Allen & Overy, Shearman Sterling's Gedik & Eraksoy. The legal team from Sullivan & Worcester involved Partner Geoffrey Wynne and Counsel Daniela Barrdear.
Sectors
- Banking & Financial Services
- Retail
- Legal Services
Geography
- Türkiye – The SCF program and its major beneficiaries, including SMEs affected by earthquakes, are located in Türkiye, making its geography central to the article.
Industry
- Banking & Financial Services – The article discusses the participation of EBRD in a supply chain finance program, which is closely associated with financial services.
- Retail – Akbank SCF program's primary beneficiary, Sok, operates in the retail industry, emphasizing the sector's need for financial support.
- Legal Services – The article highlights legal advisory roles played by Sullivan & Worcester and Gedik & Eraksoy, making legal services a relevant industry.
Financials
- Unspecified – The article does not specify the financial amount of EBRD's participation in the Akbank SCF program.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sullivan & Worcester | Legal Advisor to EBRD | Company | A law firm providing advisory services to EBRD. |
| European Bank for Reconstruction and Development (EBRD) | Participant in Akbank SCF Program | Company | A development bank aiming to support the financial initiative in Türkiye. |
| Akbank | Facilitator of SCF Program | Company | A Turkish bank launching the SCF program aimed at supporting SMEs. |
| Sok | Primary Beneficiary | Company | A leading retailer in Türkiye benefitting from the SCF program. |
| European Commission | Supporter through IPA II Fund | Government | Provides funding support for the SCF program via its IPA II Fund. |
| Allen & Overy | Legal Advisor | Company | International law firm also advising EBRD through its affiliate Gedik & Eraksoy. |
| Gedik & Eraksoy | Local Legal Advisor | Company | Turkish affiliate of Allen & Overy providing legal advice to EBRD. |
| Geoffrey Wynne | Partner at Sullivan & Worcester | Person | A lead legal advisor on the EBRD transaction. |
| Daniela Barrdear | Counsel at Sullivan & Worcester | Person | Member of the legal team advising EBRD. |