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Akbank provides $700 Million to Support Turkey’s Economy 

With its syndicated loan renewal, Akbank has secured c. US $700 million in support of the Turkish economy. The loan has a 1-year maturity with a cost of Libor+2,50 and Euribor+2,25. 34 banks from 19 countries participated in this successful loan renewal.

“In this challenging period, we are pleased to have provided c. $700 million FX liquidity to Turkey through our syndicated loan”

Regarding Akbank’s successful syndication transaction Akbank CEO Hakan Binbaşgil noted, “The Covid-19 pandemic continues to affect the financial markets and economies negatively. These developments also make it difficult to access liquidity and FX resources.  In such a challenging outlook, Akbank successfully renewed its syndicated loan. With the participation of 34 banks from 19 countries, we have completed a syndicated loan of c. US $700 million. For this recent transaction, 9 new banks from US, Europe, Middle East and Asia which were not involved in last year’s transaction participated. Our transaction is a reference for the Turkish banking sector’s syndications in the second half of the year. Akbank acted as a leading bank, opening the syndicated loan market once again.”

“Akbank remains committed to maintaining its support to Turkey's economy, as it always has in the past 72 years”

Underlining that the “accordion” feature was once again added to the syndicated loan in order to provide flexibility in volatile markets, Binbaşgil said, “With this approach, we allowed the banks that wanted to join our syndication but could not complete their loan processes due to time constraints, to participate in our transaction from the signature date of the transaction to the withdrawal date of the loan. Through this flexibility, in addition to the amount signed, the contribution of participants that join up to the loan withdrawal date will be added and the total syndicated loan amount will be finalized in the coming days. The interest to our syndication renewal is a concrete sign of confidence in Akbank and Turkey’s banking sector even in this tough period. Akbank remains committed to maintaining its support to Turkey's economy, as it always has in the past 72 years.”

 
 
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