EBRD joins large financing package for Turkey’s Denizbank

By Olga Rosca
@olgarosca

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EBRD Board Directors to visit Turkey

  • EBRD joins large syndicate of foreign banks lending to Denizbank
  • Denizbank, under new ownership, returns to international syndicated loan market
  • US$ equivalent of €50 million loan from EBRD to help expand access to finance for Turkish firms

Turkey’s micro, small and medium-sized enterprises (MSMEs) are to benefit from greater access to finance as Denizbank is tapping into the international syndicated loan market to raise funds.

The EBRD is joining a diverse group of international lenders in a comprehensive financing package to which the Bank is contributing a US$ equivalent of €50 million. The syndicate includes 45 financiers from 22 countries and is led by Bank of America, Merrill Lynch, Abu Dhabi Commercial Bank and Emirates NBD Capital.  

Emirates NBD Bank acquired Denizbank in 2019. The transaction marks Denizbank’s return to the international syndicated loan market under a new ownership structure.

The EBRD funds will be on-lent to Turkish businesses seeking finance to expand. Denizbank is aiming to grow its MSME portfolio, focusing in particular on agricultural enterprises, and to attract new clients, especially outside large metropolitan areas.

The loan will help strengthen the resilience of Turkey’s financial sector and increase access to finance for MSMEs in more remote areas, both being EBRD priorities in the country.

The Bank is a major investor in Turkey. Since 2009 it has invested €11.5 billion in various sectors of the Turkish economy, with almost all investment made in the private sector.

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