Skip to content
AidData logo

Overview

ICBC Standard Bank PLC contributes to EUR 848.5 million syndicated loan tranche to Ziraat Bank for on-lending purposes

Commitments (Constant USD, 2023)$23,485,543
Commitment Year•2019Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•United KingdomSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 29, 2019
Last repayment
Mar 28, 2020

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 Standard Bank PLC

Cofinancing agencies

Intergovernmental Organizations

  • Bank of Bahrain and Kuwait B.S.C (BBK)

Private Sector

  • Anadolubank Nederland N.V.
  • Banco de Crédito e Inversiones S.A. (BCI)
  • Bank AL Habib Limited
  • Banka Kombëtare Tregtare
  • BNP Paribas S.A.
  • BPER Banca S.p.A. (formerly Banca Popolare dell'Emilia Romagna S.C.)
  • CaixaBank, S.A. (Formerly Criteria CaixaCorp)
  • Cargill Financial Services
  • Citibank, N.A.
  • Commerzbank Aktiengesellschaft (Commerzbank AG)
  • Credit Europe Bank
  • Credit Suisse AG
  • Deutsche Bank AG
  • DZ Bank AG
  • Goldman Sachs Bank USA
  • Housing Bank for Trade and Finance
  • HSBC Bank PLC
  • ING Bank N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • J.P. Morgan Securities PLC
  • Jordan Commercial Bank
  • KBC Group N.V.
  • Mashreqbank PSC
  • Mizuho Bank, Ltd.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Pakhtabank OJSC (PASHA Bank)
  • Raiffeisen Bank International AG
  • Société Générale S.A. (SocGen or Societe Generale)
  • Standard Chartered Bank PLC
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • The Commercial Bank of Qatar (P.S.Q.C.) (CBQ) (The Commercial Bank)
  • UniCredit Bank Austria AG (formerly Bank Austria-Creditanstalt (BA-CA))

State-owned Banks

  • Abu Dhabi Commercial Bank PJSC (ADCB)
  • Arab Banking Corporation (Bank ABC)
  • Emirates NBD Bank P.J.S.C.
  • National Bank of Ras Al-Khaimah P.J.S.C. (RAKBANK)
  • Saudi National Bank (SNB) (SNB AlAhli) (Formerly The National Commercial Bank (NCB))
  • Zurich Cantonal Bank (Zürcher Kantonalbank (ZKB))

State-owned Commercial Banks

  • Bank of China (BOC)

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

State-owned Banks

  • Türkiye Ziraat Bankası A.Ş. (Ziraat Bank)

Loan desecription

CDB, ICBC and BOC contribution to $1.425 billion syndicated loan USD and EUR tranches to Ziraat Bank for on-lending purposes

Grant element•3.7734%Interest rate (t₀)•1.722%Interest type•Variable Interest RateMaturity•1 years

Narrative

Full Description

Project narrative

On March 29, 2019, Türkiye Ziraat Bankası A.Ş. (Ziraat Bank) signed a $1.425 billion syndicated loan agreement with a group of 40 banks — including Bank of China (Grand Cayman Branch), China Development Bank (Inner Mongolia Branch), and ICBC Standard Bank PLC — for on-lending purposes. The loan was divided into two tranches: a $529.5 million tranche with a 1-year maturity and an interest rate of LIBOR plus 165-225 basis points (depending on Ziraat Bank's rating at the time of maturity), and an EUR 848.5 million tranche with a 1-year maturity and an interest rate of EURIBOR plus 165-225 basis points (depending on Ziraat Bank's rating at the time of maturity). ICBC, CDB, and Bank of China’s estimated contributions to the $529.5 million tranche are captured via Records ID #91177, #91173, and #67245, respectively. ICBC, CDB, and Bank of China’s estimated contributions to the EUR 848.5 million tranche are captured via Records ID #91184, #91183, and #67246, respectively.

Staff comments

1. AidData has estimated the all-interest rate (4.625%) of the $529.5 million syndicated loan tranche by adding 1.95% (the midpoint between 1.65% and 2.25%) to average 6-month LIBOR in March 2019 (2.675%). 2. AidData has estimated the all-interest rate (1.72%) of the EUR 848.5 million syndicated loan tranche by adding 1.95% (the midpoint between 1.65% and 2.25%) to average 6-month EURIBOR in March 2019 (-0.230%). 3. The individual contributions of ICBC Standard Bank PLC, Bank of China (Grand Cayman Branch) and CDB (Inner Mongolia Branch) to the $529.5 million syndicated loan tranche are unknown. For the time being, AidData assumes equal contributions ($12,607,142.9) across the 42 participants in the loan syndicate. 4. The individual contributions of ICBC Standard Bank PLC, Bank of China (Grand Cayman Branch) and CDB (Inner Mongolia Branch) to the EUR 848.5 million syndicated loan tranche are unknown. For the time being, AidData assumes equal contributions (EUR 20,202,381) across the 42 participants in the loan syndicate.