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Overview

ICBC contributes to EUR 591 million syndicated loan tranche to Akbank for unspecified purposes (Linked to Record ID#67127)

Commitments (Constant USD, 2023)$29,237,578
Commitment Year•2018Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•TurkeySector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 27, 2018
Last repayment (originally scheduled)
Sep 27, 2019

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • ICBC Turkey Bank A.Ş.

Cofinancing agencies

Private Sector

  • Bank of America Merrill Lynch International Limited
  • BMO Financial Group (Bank of Montreal)
  • BNP Paribas S.A.
  • Cargill Financial Services
  • Citibank, N.A.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Deutsche Bank AG
  • Goldman Sachs Bank USA
  • HSBC Bank PLC
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • JPMorgan Chase & Co.
  • KBC Group N.V.
  • Mashreqbank PSC
  • Mediobanca - Banca di Credito Finanziario S.p.A.
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Société Générale S.A. (SocGen or Societe Generale)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.)

State-owned Banks

  • Emirates NBD Bank P.J.S.C.

Receiving agencies

Private Sector

  • Akbank T.A.Ş.

Implementing agencies

Private Sector

  • Akbank T.A.Ş.

Loan description

ICBC contribution to $980 million syndicated loan USD and EUR tranches to Akbank for unspecified purpose

Grant element•3.4636%Interest rate (t₀)•2.382%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

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. The loan had two tranches: (1) a $285 million tranche with a maturity length of 367 days and a variable interest rate of LIBOR + 2.75% (captured via Record ID#67127); and (2) an EUR 591 million tranche with a maturity length of 367 days and a variable interest rate of EURIBOR + 2.65% (captured via Record ID#67128). 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

1. 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). 2. AidData has estimated the all-in Interest rate by adding a 2.75% margin to the average 6 month LIBOR rate in September 2018 (2.569%). 3. ICBC’s contribution to the EUR 591 million loan tranche is unknown. For the time being, AidData assumes equal contributions ($24.625 million) across the 24 institutions that participated in the lending syndicate.