Loans

5/15/2017

Türkiye İş Bankası Signs a Syndication Loan of About $1.4 Billion

İş Bankası has signed a syndication loan agreement of about $1.4 billion which consists of $296 million and €989.5 million to be used for foreign trade funding

Türkiye İş Bankası has taken out a syndication loan of $1.4 billion which consists of $296 million and €989.5 million to be used for foreign trade funding with participation of 43 banks in 17 countries. The maturity period of the loan is 367 days. Thus, İş Bankası has renewed the transaction that it completed in May last year.

The loan agreement signed on May 15, 2017 is coordinated by Standard Chartered Bank and Industrial and Commercial Bank of China, and brokered by ING Bank N.V.

It is stated that the loan will be used for funding of foreign trade, and the total cost of the part of the banks that participate to the syndication loan with the highest amounts is Libor + 1.45 percent for USD, and Euribor + 1.35 percent for EUR.

In his statement on the matter, Yılmaz Ertürk, the Deputy General Director of Türkiye İş Bankası said: "This new loan is the 45th transaction of our bank in syndication loans taken out from abroad since 1986. Despite challenging market conditions, the size of the syndication loan, participation of a high number of banks, and the high rate of renewal have confirmed the confidence of international markets in İş Bankası. Maintaining its status as the largest private bank of Turkey with assets worth 333 billion TL in the first quarter of 2017, İş Bankası will continue to make contributions to development of the national economy by supporting the funding of foreign trade transactions of the companies operating in the real sector with this loan."