Turkiye Garanti Bankasi : Garanti BBVA has renewed its sustainability-linked syndicated loan with a total amount of $435 milli
June 07, 2024
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Garanti BBVA has renewed its sustainability-linked syndicated loan with a total amount of $435 million
Garanti BBVA has successfully renewed its sustainability-linked syndicated loan under its foreign borrowing program, achieving a 100% rollover rate. The syndicated loan, which comprises two tranches totaling $240,750,000 and €178,600,000 with a maturity of 367 days, was executed with the participation of 46 banks from 22 countries. The total cost of the loan, designated for financing foreign trade and general corporate purposes, stands at SOFR +2.50% and Euribor +2.25%, respectively. Garanti BBVA will continue to utilize the renewed syndicated loan to finance investments facilitating the transition to a low-carbon economy and supporting sustainable development, in alignment with its commitment to phasing out coal.
Commenting on the renewed syndicated loan, Garanti BBVA CEO Recep Baştuğ stated, "As a pioneering bank in the field of sustainable finance within our country, we are pleased to renew our syndicated loan in accordance with sustainability criteria once again. We are proud to have maintained the structure of our sustainability-linked syndicated loan, which we started in 2020, a first in the World-, for five consecutive years. Through this agreement, we will continue to support the financing of our country's foreign trade transactions while enhancing the financing we provide to combat the climate crisis and promote inclusive growth, which are strategic priorities for us. The renewed syndicated loan will bolster our decision to refrain from financing coal-fired power plants and thermal coal mining activities, as well as provide funding for business areas aimed at sustainable development. As Garanti BBVA, we remain committed to securing international financing for our country and supporting the financing of foreign trade with our robust financial structure and esteemed reputation in global markets."
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07 June 2024 and is solely responsible for the information contained therein. Distributed by
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Turkiye Garanti Bankasi AS is a Turkey-based banking institution. It operates under the following business segments: Retail Banking, Corporate/Commercial Banking and Investment Banking. The banking products served to customers are: custody services, time and demand deposits, accumulating deposit accounts, repos, overdraft facilities, spot loans, foreign currency indexed loans, consumer loans, automobile and housing loans, working capital loans, discounted bills, gold loans, foreign currency loans, Eximbank loans, pre-export loans, Export Credit Agency (ECA) covered financing, letters of guarantee, letters of credit, export factoring, acceptance credits, draft facilities, forfeiting, leasing, insurance, forward, futures, salary payments, investment account (ELMA), cheques, safety boxes, bill payments, tax collections and payment orders. The Bank provides service packages to its corporate, commercial and retail customers including deposit, loans, leasing and factoring, among others.