Euroclear facilitates first gender bond

Brussels, 3 December 2025 – Turkish bank Akbank has successfully issued its inaugural Digitally Native Note (DNN) on Euroclear’s Digital Financial Market Infrastructure (D-FMI). The International Finance Corporation (IFC), a member of the World Bank Group, is the sole investor, with Citi acting as the dealer and issuing and paying agent.

The proceeds of the USD 100 million issuance will be used to finance women-owned SMEs, as well as mortgage loans for women in Türkiye. Today, the majority of women-led firms perceive access to finance as a constraint. This bond will drive necessary impact and catalyse job creation.

The DNN was issued, distributed and settled through Euroclear’s D-FMI platform, which leverages distributed ledger technology. Euroclear has built a track record in digital issuances, having launched the first one in 2023 with the World Bank. Since then, Euroclear has facilitated a total of seven other digital issuances worth EUR 800 million, including Türkiye’s first digitally native note, the last one also with IFC as investor.

Euroclear’s D-FMI platform seamlessly integrates with traditional systems, ensuring full CSDR compliance and providing access to established liquidity tools and trading venues.

“We are pleased to provide the infrastructure to support this transaction, which highlights the potential of digital securities to drive more efficient capital flows,” said Isabelle Delorme, Head of Product Strategy and Innovation at Euroclear. “This issuance demonstrates how digital innovation and sustainable social impact can go hand in hand, while maintaining the same regulatory certainty, liquidity and settlement efficiency as with traditional bonds.”

“The issuance of our first digitally native note marks a significant milestone in Akbank’s journey to embrace financial technologies and pioneer innovative solutions in capital markets. Executed on a blockchain infrastructure, this transaction is both a technological breakthrough and a financing model with social impact at its core. By directing the proceeds to women-owned SMEs and mortgages for women, we are advancing our commitment to gender equality and economic empowerment. IFC’s investment is a strong endorsement of our vision to unite cutting-edge digital solutions with meaningful social impact, driving lasting change in our economy,” said Şebnem Muratoğlu, Executive Vice President, Treasury and Financial Institutions, Akbank.

“By leveraging digital technology for thematic financing, we are setting new standards for innovation and opening pathways for other investors to participate in advancing opportunities for women.” said Momina Aijazuddin, IFC Regional Industry Head, Financial Institutions Group for the Middle East and Central Asia. “Expanding access to finance for women-owned businesses is not only transformative for entrepreneurs, it drives meaningful job creation and supports sustainable growth.”

Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International.

Akbank, established in 1948, is the 4th largest private bank in Türkiye, with total assets of US$77.9 billion and total equity of US$6.7 billion. Akbank operates via 670 dispersed throughout the country and 1 branch operating abroad, +6,250 ATMs and provides services to around 14.8 million customers as of September 2025. In Germany, the Bank has an operating subsidiary, Akbank AG, founded to carry out banking transactions in Europe. The Bank's other subsidiaries include AkLease, AkYatirim, AkPortfoy, AkOde, Akbank Ventures and AkTech as of September 2025.

Akbank, is 48% owned by Sabanci Holding, affiliated institutions and individuals*, which is a strong, diversified group and second largest conglomerate in Türkiye. Akbank is the flagship subsidiary of the group with the highest share of Net Asset Value (32.6% as of October 2025). The rest of the shares, 52%, are free floating in Borsa Istanbul. As of September 2025, 24% of all shares are held by foreign investors.    

* Shareholder structure calculated according to the ‘Shareholders List of the Ordinary General Assembly Meeting’ held on 24.03.2025.                          

IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.