According to the statement made by VakıfBank, the dollar cost of the 367-day loan with Mizuho Bank as agent bank, Abu Dhabi Commercial Bank and Emirates NBD as co-coordinating bank and Emirates NBD, MUFG Bank and Standard Chartered Bank as sustainability coordinator. Banks’ Libor + 2.50 percent, while the cost in euros was Euribor + 2.25 percent.
“OUR SYNDICATION CREDIT IS AMONG THE HIGHEST AMOUNT OF TRANSACTIONS AMONG BANKS THAT RECEIVE SYNDICATION CREDITS 2 TIMES A YEAR”
VakıfBank CEO Abdi Serdar Üstünsalih, whose views were given in the statement, stated that they increased the number of participants in this transaction in 5 more banks in this transaction compared to the transaction in April last year and increased the number of Participants from 33 Banks to 38 Banks, ” our $ 1.1 billion syndicated loan, which we renewed by 105 percent, is among the largest transactions among banks that have received syndicated loans twice.
This successfully completed process is a reflection of our correspondent network and our long-term relationships with our correspondent banks. On this occasion, I would like to express my gratitude once again to all the representatives of the correspondent banks who participated in our transaction and provided their support.
“WE HAVE A NEW RECORD”
Noting that the total balance of syndicated loans reached 1.8 billion dollars with the 1.1 billion dollar loan obtained, Üstünsalih emphasized that VakıfBank is among the leading banks in this field and carried out the following evaluations:
“Our bank’s leading and pioneering position in foreign markets is not limited to syndicated loans. We recently issued a $ 1 billion and 750 million issue within the scope of our securitization program based on foreign remittance flows, and we have set a new record in Turkey. banking sector in this field. We will continue to play a pioneering and active role in a broad spectrum, from Eurobond issues to bilateral loans, bringing long-term and profitable resources from abroad to our country and putting these resources at the disposal of our national economy.
We continue to take additional steps in the field of sustainable banking, which is one of our priority strategic themes, and we increase our range of sustainable banking products in both assets and liabilities on our balance sheet. With the support of Emirates NBD Bank, MUFG Bank and Standard Chartered Bank as the sustainability coordinator, I am delighted to complete the first sustainable syndicated loan transaction in our bank’s history. “
Üstünsalih continued as follows:
“We have added three sustainability performances to our syndicated loan during the term of the loan, one in the social area and two in the environment. If the criteria based on these performances are met in the relevant periods, the cost of our syndicated loan will decrease even more. In the coming periods, we will continue to closely monitor international developments in the field of sustainable finance, diversify our products in this area and maintain our leading position among Turkish banks. “