1 billion dollar syndication loan from VakıfBank

With the participation of 37 banks from 16 countries, VakıfBank obtained a syndicated loan of 1 billion dollars, 199.5 million dollars and 738.7 million Euros. Thus, VakıfBank renewed the loan amounting to 237.5 million dollars and 691.3 million Euros obtained in the same period of last year by more than 100 percent. 367-day loan; The dollar cost was SOFR + 2.75 percent, the Euro cost was at the level of euribor + 2.10 percent.

Underlining that VakıfBank has provided support to both the sector and the national economy for many years with the international resources it provides, VakıfBank General Manager Abdi Serdar Üstünsalih said, “We are proud of being the bank that provides the most foreign funding to our national economy. Despite global and regional variability, we renewed our syndication loan by more than 100 percent. This process, which was completed successfully, is a reflection of our strong correspondent network and our long-term relationships with our correspondent banks.” Üstünsalih continued his explanations regarding the transaction as follows:

“It is extremely pleasing that 2 new participating banks, which were not included in our syndicated loans last year, took part in this transaction. I would like to take this opportunity to express my thanks once again to all our correspondent bank representatives who participated in our transaction and offered their support. In addition to syndication loans, we have brought more than 500 million dollars of fresh funds to our country from the beginning of 2022, with different structures such as post-financing and bilateral loans. This figure is also very important in that it corresponds to the size of a eurobond issue.”


Üstünsalih underlined that this syndication loan transaction was based on sustainability criteria, as it was last year, and concluded his words as follows:

“On the one hand, we continue to improve the performance criteria we set last year, and on the other hand, we continue to create new roadmaps in the field of sustainable banking with new targets. Last year, we set at least 50 percent of our electricity consumption from renewable energy sources as a performance criterion. This year, however, we are taking this ratio to a much higher level, at least 90 percent. In addition, we built our new head office building in Istanbul Finance Center, which we will be moving to soon, as an environmentally friendly building. We aim to certify our building with the ‘LEED-GOLD’ certificate, which is internationally known and highly respected. We will continue to diversify our products in this field and maintain our leading position among Turkish banks by closely following the international developments in the field of sustainable finance in the coming periods.


Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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