Türkiye’s largest lender Ziraat Bank on Friday introduced it had efficiently secured $930 million in long-term exterior financing by way of a securitization program based mostly on remittance flows.
The transaction was carried out below its remittance flows-based securitization program (DPR) with worldwide traders and eight world banks, in response to an announcement from the financial institution.
The financing contains maturities of 5 and 10 years. The program attracted robust demand from monetary establishments in Europe, the United States, the Gulf area and Asia, the financial institution mentioned, highlighting the transaction’s price as “low.”
“Our program continues to expand opportunities for external financing,” mentioned Treasury and Finance Minister Mehmet Şimşek.
“This long-term transaction, which garnered interest from investors across a broad geography, will facilitate credit access for our real sector,” Şimşek wrote on social media platform X.
Ziraat Bank boasts an in depth home department community and is current in 20 international locations with 127 areas overseas.
The assertion additionally famous that the financial institution’s credit score insurance policies are aligned with Türkiye’s financial program and macro-prudential rules. It mentioned its rising overseas commerce market share and remittance quantity have enabled the efficient use of the exterior financing channel established by way of the DPR program.
Alpaslan Çakar, normal supervisor of Ziraat Bank, described the transaction as a testomony to worldwide traders’ confidence within the financial institution and Türkiye.
“In addition to offering credit score with a give attention to agriculture, exports, and investments, we’ve got considerably elevated our overseas commerce market share and worldwide remittance quantity lately,” mentioned Çakar.
“The long-term assets we’ve got secured will simplify entry to financing for the true sector and contribute to financial progress,” he famous.
Çakar confused the financial institution’s dedication to robust collaborations with correspondent banks and worldwide traders.
Ziraat Bank “will proceed to implement its business mannequin, which helps monetary stability with progressive options, produces increased added worth, and relies on sustainable progress.”
Source: www.dailysabah.com