EBRD supplies loan for Turkey’s largest NLP and asset management company
Hayat Varlık is the country’s largest non-performing loans (NLPs) and asset management company, according to a press release.
“We will continue our journey as a strong new company under the name of Hayat Varlık,” said Hayat Varlık CEO Hilmi Güvenal said in the release. “The syndicated loan provided by the EBRD and ICBC is an important sign of international investors’ confidence in both our company and the Turkish economy.”
Hayat Varlık recently merged with Turkasset Varlik Yonetim A.S., which the EBRD had partnered with before and which was previously the leading Turkish company in its industry. The EBRD has partnered with the Industrial and Commercial Bank of China’s Turkish subsidiary (ICBC Turkey), to which it has syndicated half of the loan.
“With this transaction we are broadening Hayat Varlık’s access to long-term local-currency funding,” Jean-Patrick Marquet, EBRD managing director for Turkey, said in the release. “We are particularly delighted to have brought along such a major lender as ICBC to what is a new asset class for them. This a pioneering syndicated loan structure in the Turkish NPL market and we hope to attract more interest to the sector.”
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European Bank 3 Spanskih boraca Beograd,
European Bank for Reconstruction and Development One Exchange Square London EC2A 2JN United Kingdom ,