VakıfBank Secures $870 Million Sustainability-Themed Loan Agreement

VakıfBank (VAKBN) has secured a total of $870 million in a sustainability-themed syndication loan, with participation from 45 banks across 25 countries, comprising $518.5 million and €331.4 million. The dollar cost of the 367-day loan has been set at SOFR + 1.75%, while the euro cost is Euribor + 1.50%. This agreement not only reinforces VakıfBank's reputation in international markets but also emphasizes its commitment to sustainable finance.

VakıfBank's General Manager Abdi Serdar Üstünsalih stated that the year’s second syndication loan renewal rate stood at 133%. He revealed that the bank has secured a total of $10.2 billion from international markets since the beginning of the year, receiving a total demand of $1.1 billion in this transaction. The increase in the number of top-tier participating banks to 15 and the inclusion of 12 new banks in the project highlight VakıfBank’s strong position globally.

Aligning loans with sustainable finance framework For the past four years, VakıfBank has aligned its syndication loans with sustainability themes. In this context, the international funds provided are being channeled into environmentally and socially themed loan products. Üstünsalih expressed that, as a pioneering bank in sustainable finance, this year’s syndication transactions are fully compliant with this framework.

Üstünsalih noted that VakıfBank's total sustainability-themed syndication loans have reached $1.8 billion, emphasizing that the bank will maintain its leadership position in international funding. By merging financial success with a commitment to lead towards a sustainable future, VakıfBank aims to expand its product range by closely following international developments in this field. It was highlighted that the bank will sustain its leading position among Turkish banks.