Turkey's Isbank secures nearly $1B worth of syndicated loan

By Aysu Bicer

ANKARA (AA) - Turkey's private lender Isbank on Friday inked a sustainability-related syndicated loan agreement worth approximately $1 billion, with the participation of 38 banks from 18 countries, according to a bank statement.

The loan is secured through two different tranches: €544.7 million ($665 million) and $300 million, at 367 days maturity, with a roll-over ratio of 110%.

Sustainability performance criteria were determined within the scope of the agreement, the statement said, adding if the bank's performance criteria such as electricity supply from renewable sources and increasing the ratio of disabled-friendly cash machines to the total number of ATMs are met, the costs of the syndication loan will improve.

Commenting on the deal, Isbank's Deputy General Manager Gamze Yalcin said: "Maintaining its position as Turkey's largest private bank, Isbank supports the financing of foreign trade transactions of companies operating in the real sector with these loans."

The bank will continue to contribute to the development of the country's economy, Yalcin added.