İşbank successfully obtained a sustainability-linked syndicated loan of USD 915 million

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İşbank has signed a sustainability-linked syndicated loan deal with a 367-day maturity with the amount of EUR 411 million and USD 465 million. The transaction reached a total amount of USD 915 million, making it the highest syndicated loan obtained in the Turkish banking sector in the second half of the year.​

The Facility Agreement was signed on November 21, 2023. Emirates NBD Capital Limited, Standard Chartered Bank, First Abu Dhabi Bank PJSC andThe Commercial Bank (P.S.Q.C.) acted as joint-coordinators, while Sumitomo Mitsui Banking Corporation, ING Bank N.V., Mashreqbank psc, and Standard Chartered Bank acted as joint-sustainability coordinators, and Emirates NBD Bank (P.J.S.C.) as the agent bank. 

With 17 new participants, 44 banks in total from 23 countries across the Americas, Europe, the Middle East, and Asia participated in the Facility, which will be used for general trade finance purposes. The all-in cost of the syndicated loan for the highest participating ticket size is EURIBOR + 3.25% for the Euro tranche and SOFR + 3.50% for the USD tranche.

In connection with the sustainability aspect of the syndicated loan, sustainability performance criteria have been set, one being the amount of cash loans to be extended to small and medium-sized women entrepreneurs and the second being the amount of consumer loans to be extended in 11 cities affected by the earthquake.

The total amount of sustainability-linked syndicated loans obtained since the beginning of this year has surpassed USD 1.5 billion

İşbank CEO Hakan Aran said, “In a time of ongoing global uncertainties, securing this loan from international markets stands as a concrete testament to the confidence placed in both our country and İşbank. Our Bank, set to celebrate its 100^th anniversary next year, has steadfastly supported the economy and diligently fulfilled its social responsibilities since its inception. In the coming period, we will persistently take all necessary measures to address climate change, foster environmental awareness, and bolster the role of women in society with unwavering determination. These funds play a crucial role in attaining the Bank's objectives. The total amount of sustainability-linked syndicated loans obtained since the beginning of this year has surpassed USD 1.5 billion."

We aspire to make a lasting impact on the recovery from the consequences of the earthquake disaster in the region

Gamze Yalçın, Deputy CEO and Sustainability Leader of İşbank, commented, “We view the provision of sustainability-themed medium and long-term funds as an essential component of our strategic objectives. In this context, we once again underscore the significance we place on the matter through our recurrently renewed sustainability-linked syndicated loan. Through the ongoing financial support we are extending to the earthquake-affected region within the framework of our new syndicated loan, we aspire to make a lasting impact on the recovery from the consequences of the earthquake disaster in the region. Furthermore, as an organization that recognizes the importance of enhancing women's participation in business as a key element of sustainable development, we seek to foster the empowerment of women in the economy and their broader societal standing in alignment with the principles outlined in the Women's Empowerment Declaration we issued in March 2023. Supporting the financing of our customers' foreign trade transactions with the new funds amounting to EUR 411 million and USD 465 million that we have brought to our country's economy, we will continue to increase our positive impact in the social sphere through the performance criteria we have set."