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Overview

ICBC contributes RMB 125 million to syndicated loan with DenizBank for on-lending purposes

Commitments (Constant USD, 2023)$17,870,962
Commitment Year•2021Country of Activity•TurkeyDirect Recipient Country of Incorporation•TurkeyOverseas Jurisdiction•United Arab EmiratesSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 3, 2021
Start (actual)
Jun 10, 2021

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Private Sector

  • DenizBank A.Ş.

Implementing agencies

Private Sector

  • DenizBank A.Ş.

Loan description

ICBC and BOC contribution to RMB 245 million syndicated loan RMB tranche with DenizBank for on-lending purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

On June 3, 2021, DenizBank A.Ş. signed a $410 million syndicated loan agreement with a group of Chinese and non-Chinese banks and three separate tranches (an EUR tranche, a USD tranche, and an RMB tranche). The loan carried a 1-year maturity and included an RMB 245 million tranche from the Dubai Branch of the Industrial and Commercial Bank of China (ICBC) and Bank of China. ICBC contributed RMB 125 million and Bank of China contributed RMB 120 million. The RMB tranche fully disbursed on June 10, 2021. The proceeds of the loan were to be used by the borrower for on-lending purposes.

Staff comments

1. DenizBank A.Ş. is a large private bank in Turkey. It is currently owned by Emirates NBD. It was owned and controlled by leading Russian bank Sberbank from 2012 to 2019. 2. The transaction represented the first-ever syndicated loan from a Turkish bank to include a renminbi-denominated tranche.