In keeping with its philosophy of resiliency being a key quality for successful economies, the European Bank for Reconstruction and Development (EBRD) recently supplied a syndicated loan of $32 million to Turkey’s Hayat Varlık.
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
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.”
EBRD supplies loan for Turkey’s largest NLP and asset management company