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ICBC contributes to $285 million syndicated loan tranche to Akbank for unspecified purposes (Linked to Record ID#67128)
| Funder | ICBC Turkey Bank A.Ş. |
|---|---|
| Recipient Organization | Akbank T.A.Ş. |
| Country | Turkey |
| Start Date | Sep 27, 2018 |
| End Date | Mar 06, 2027 |
| Duration | 3,082 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 67127 |
Grant Description
ICBC contribution to $980 million syndicated loan USD and EUR tranches to Akbank for unspecified purpose On September 27, 2018, the Turkish subsidiary of the Industrial and Commercial Bank of China (ICBC Turkey) and 23 financial institutions signed a $980 million syndicated loan agreement with Akbank T.A.Ş. — a privately-owned bank in Turkey — for unspecified purposes.
Participants in the lending syndicate included ICBC, Bank of America Merrill Lynch, Bank of Montreal, BNP Paribas, Cargill Financial Services, Citi, Commerzbank, Deutsche Bank, Emirates NBD, Goldman Sachs, HSBC, ICBC, ING, Intesa Sanpaolo, JPMorgan, KBC Bank, Mashreqbank, Mediobanca, Mizuho Bank, MUFG, Societe Generale, Standard Chartered, SMBC and UniCredit.
Staff Comments
- It is unclear which subsidiary of ICBC — ICBC Turkey or ICBC Securities (which is, in turn, a subsidiary of ICBC Turkey) — participated in the lending syndicate. ICBC Turkey's 2018 Annual Report only lists 'The Company' as the loan's coordinator and joint book-runner (pg. 40).
- For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
- ICBC’s contribution to the $285 million loan tranche is unknown. For the time being, AidData assumes equal contributions ($11.875 million) across the 24 institutions that participated in the lending syndicate.
Sources & References
- Akbank signs $980 million loan in litmus test for Turkish banks
- Akbank secures $700 million of syndicated loans at lower cost
- Turkey's Akbank secures $980 mln, 1-year syndicated loan
- UPDATE 1-Turkey's Akbank secures $980 mln syndicated loan, but pricing jumps, 2018 ANNUAL REPORT
- Private lender Akbank's syndicate loan boosts BIST
- Turkish lira
- Material Event Disclosure (General), investors relations - About Akbank
- Material Event Disclosure (General) - akbank
- Akbank 2018 annual report (web.arhive)
- THE YEAR IS 2018
- PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS AND RELATED DISCLOSURES AT 30 SEPTEMBER 2018 TOGETHER WITH AUDITOR’S REVIEW REPORT
- HACI ÖMER SABANCI HOLDİNG A.Ş. CONVENIENCE TRANSLATION INTO ENGLISH OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE INTERIM PERIOD 1 JANUARY - 30 SEPTEMBER 2018 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Akbank T.A.Ş.
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