Monday, 24 June 2024

Akbank T.A.Ş signs $500 million social syndicated term loan facilities

5 min read

 Akbank T.A.Ş (Akbank), the leading private sector bank in Turkey is pleased to announce the successful signing of its 367-day $245.5 million and EUR 233 million ($257.79 million) social term loan facilities on 12 April 2023.

Under the social framework, 100% of the proceeds of the facilities will be utilised towards disaster relief and emergency aid related to the recent earthquake and contributing to economic redevelopment or reconstruction or poverty reduction or inequality reduction in affected areas.

Committed towards sustainability and social responsibilities, Akbank has provided comprehensive support towards relief packages for quake-hit provinces through full cooperation with government and non-government organisations (NGOs) and supplying priority needs and materials thereby contributing to the re-development of the area and related measures. Additionally, it has provided funding support to the customers and ensured uninterrupted operations and banking services to our customers in the region.

Aligned with Akbank’s sustainability strategy and related to its commitment, its syndicated facilities are structured as a social loan under its updated Sustainable Finance framework assessed by a reputable Second Party Opinion provided by ISS-ESG. The Sustainable Finance Framework is focused on disaster relief in relation to the earthquake in Turkey and is aimed to be aligned to the latest Social Loan Principles (SLP) published by Loan Market Association in February 2023.

Syndication transaction is joined by 30 institutions across the world, including from America, Europe, Asia and the Middle East. The success of the deal underscores the strength of Akbank’s banking relationships and credit strength, as well as the market’s acknowledgement of Akbank’s sustainability efforts.

Abu Dhabi Commercial Bank PJSC, Emirates NBD Capital Limited and Standard Chartered Bank acted as joint coordinators and bookrunners on the transaction. Additionally, Standard Chartered Bank and SMBC acted as joint sustainability coordinators on the transaction.

Emirates NBD Capital Limited also acted as the documentation agent, and Abu Dhabi Commercial Bank PJSC acted as the facility agent.

Re-disseminated by The Asian Banker

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