Türkiye Vakiflar Bankasi Türk Anonim Ortakligi : USD 325 million loan from ICBC to VakıfBank
April 03, 2020 at 12:29 pm EDT
Share
PRESS RELEASE
03.04.2020
USD 325 million loan from ICBC Turkey to VakıfBank
VakıfBank renewed USD 250 million loan provided by ICBC Group in 2017 as USD 325 million in total with an additional amount of USD 75 million. VakıfBank's CEO Mr. Abdi Serdar Üstünsalih remarked that this funding is an indicator of trust on VakıfBank and national economy in this tough period.
VakıfBank continues to provide funding thanks to its strong correspondent bank network. Recently, VakıfBank signed a USD 325 million loan agreement by renewing USD 250 million loan provided by ICBC Group in 2017, with 130% roll over ratio. The maturity of the loan extended from ICBC Turkey has been determined as three years.
''The indicator of the trust on VakıfBank and national economy"
Emphasizing the importance of the transaction carried out in this tough period of the world's financial markets, VakıfBank's CEO Mr. Abdi Serdar Üstünsalih said "This loan with 3 years maturity is a clear indicator of the trust on our Bank and national economy in a period that the impact of coronavirus pandemic on markets is perceived intensely all over the world. Aforesaid loan can be used for the purpose of both trade finance and general financing needs. Even in such a tough period, we perform our duty of supporting real economy by providing funding through our strong collaboration with our correspondent banks.
Increasing cooperation with ICBC Group
Stating that the cooperation with ICBC Group, one of the biggest banks of the world has been satisfying, Mr. Üstünsalih said "Following the goodwill agreement signed with ICBC Group in 2017, we took many steps to increase our collaboration in lots of areas such as trade finance, project finance, capital market transactions, treasury transactions, account transactions and RMB cash management. We reinforced our existing relations through this renewed loan agreement by providing additional funding while the world is going through a quite tough period. Within the scope of our policy of creating high added value on a reciprocal basis, we aim to sign many new and big projects with ICBC Group going forward."
Attachments
Original document
Permalink
Disclaimer
Turkiye Vakiflar Bankasi TAO published this content on 03 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 April 2020 16:28:08 UTC
Turkiye Vakiflar Bankasi TAO is a Turkey-based company, which provides a range of banking products and services. It offers its products and services through its corporate, commercial and Small and Medium Enterprises (SME) banking, as well as through its retail and private banking business lines. The Bank is also active in investment banking and capital markets, as well as provides a range of financial services including insurance, financial leasing and factoring through its financial subsidiaries. Its banking products include: time and demand deposit, accumulating account, repos, overdraft facilities, spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, discounted bills, foreign currency loans, pre-export loans, letters of guarantee, letters of credit, export factoring, acceptance credits, leasing, insurance, futures, salary payments, investment account, bill payments, tax collections and payment orders, among others.
TÜRKIYE VAKIFLAR BANKASI TÜRK ANONIM ORTAKLIGI 
