Active Mixed AidData Chinese Aid

ICBC support syndicated loan to Hayat Varlık to re-finance the company’s maturing debt and enable new NPL acquisitions

€60M EUR

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Hayat Varlık
Country	Turkey
Start Date	Jan 01, 2017
End Date	Jan 25, 2032
Duration	5,502 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`85210`

Grant Description

ICBC contribution to TRY 120 million syndicated loan to Hayat Varlık to re-finance maturing debt and enable new NPL acquisitions In 2017, the EBRD and ICBC issued a syndicated loan worth 120 million Turkish lira (€36 million) to Hayat Varlık, the largest non-performing loans (NPL) and asset management company in Turkey.

EBRD and ICBC each contributed 60 million to the loan.

The proceeds of the loan were to be used by the borrower to partly re-finance the company’s maturing debt and enable new NPL acquisitions from financial institutions.

📋 Staff Comments

At the time that this loan agreement was signed, Hayat Varlik had recently merged with Turkasset, which was previously the largest player in the NPL market. Also, the EBRD is a 12 percent shareholder in Hayat Varlik.

📚 Sources & References

EBRD and ICBC Turkey in new financing for country’s largest NPL firm
EBRD lends TL 100 million to Hayat Varlik
Turkey’s leading NPL firm
EBRD Partnership
About us
As of March 17, 2017, the two companies merged under Hayat Varlık.
The mysterious rise of China’s ICBC in Turkey
Industry News & Opinion
Financial Development in Qatar
EBRD makes new investment in Turkey’s largest NPL firm 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.