Garanti BBVA Renews Syndicated Loan from International Markets
Garanti BBVA (GARAN) has signed a new syndication loan agreement within the framework of its overseas borrowing program, in line with its sustainable finance objectives. For the first time this year, the bank has provided a loan with a maturity of 367 days, compliant with its Sustainable Debt Financing Framework. The total loan amount consists of two separate tranches: 244 million USD and 162.4 million euros.
This agreement saw active participation from 43 banks across 21 different countries. The cost of the syndication loan has been set at SOFR + 1.75% for USD and Euribor + 1.5% for euros. Notably, this loan attracted attention with a 100% renewal rate, garnering significant interest in international markets and representing an important step in sustainable financing.
Sustainability-focused efforts continue Mahmut Akten, General Manager of Garanti BBVA, expressed pride in being a leading bank in the sustainable finance sector while evaluating the loan. He noted that the bank has successfully continued the syndication loan structure indexed to sustainability criteria, initiated in 2020, which is a world first.
Akten stated that the transaction proceeds from the agreement would be utilized in line with the financing standards established for sustainable activities by the BBVA Group. He also mentioned the strong demand for the syndication in terms of both the number of participating banks and the amount of funds raised. This funding aims not only to support Turkey's foreign trade operations but also to finance projects aimed at combating the climate crisis and fostering inclusive growth.
Strong position in international markets Garanti BBVA aims to reinforce its reputation and financial strength in international markets while contributing to sustainable development. Mahmut Akten emphasized that renewing this loan is an important step not only in terms of financing but also in supporting the country's economy.
It was noted that the bank will continue to enhance its efforts towards sustainable finance goals and contribute to the development of the national economy with resources obtained from international markets. Garanti BBVA's commitment in this regard aligns with Turkey's sustainable growth and development objectives.