Fleet News

IFC acquires stake in Turkish fleet market

THE International Finance Corporation (IFC) of the World Bank has agreed to acquire a minority stake in a growing Turkish fleet management company to help cement its transformation into a key player in the market.

The IFC will invest in Intercity, which grew from a single person operation in 1992 to a company with 20% market share, 90 employees and 6,000 cars under management today.

An IFC spokesman refused to disclose the cost of its equity investment, citing confidentiality agreements. A memorandum said the money would 'strengthen Intercity's long-term leasing of its vehicle fleet to a variety of private sector enterprises'.

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