ING Bank A.Ş. ("ING Turkey", the "Company", or the "Borrower")
ESG - Linked Dual Currency Term Loan Facilities (The "Facilities")
ING Bank A.Ş. (“ING Turkey”), a part of ING Group signs a Euro 300,000,000 equivalent, 367-Day ESG Linked Dual Currency Term Loan Facilities on 21 June 2021.
ING Turkey, is pleased to announce the conclusion of its ESG-Linked US$ 37,000,000 and €269,000,000 Term Loan Facilities, which marks its first ever sustainability linked syndicated loan.
ING Bank N.V. and Emirates NBD Capital Limited acted as Sustainability Coordinators to the transaction. Emirates NBD Capital Limited acted as Sole Co-ordinator, Documentation Agent and Emirates NBD Bank PJSC is the Facility Agent to the Facilities.
Proceeds of the Facilities will be used by the Borrower for general trade finance purposes. The transaction comprises of two 367-day facilities, denominated in US dollars and Euros, with an all-in pricing of Libor + 2.50% p.a. and Euribor + 2.25% p.a., respectively.
The ESG linked transaction is in line with ING’s commitment to sustainable and responsible business conduct. The Facilities have incorporated selected ESG-related Key Performance Indicators (“KPI”) regarding sustainable asset growth, increased use of renewable energy resources for electricity consumption and gender balance. The pricing of the Facilities will be adjusted as per ESG-linked pricing mechanism.
The transaction attracted commitments from 22 banks across the globe and investors from North America, Europe, Asia and Middle East joined the Facilities. The deal was highly successful, reached 111% subscription level vs. the targeted amount, amid challenging macroeconomic environment. ING in Turkey decided to close the transaction at Euro 300 Mn equivalent post scale back. Success of the transaction is a testament to intrinsic financial strength, continued strong performance as well as the solid banking relationships of ING Turkey.
Alper Gökgöz (ING Turkey CEO) stated that as ING they strongly believe in transformative power of financial industry and this ESG linked resource is a sign of trust to Turkey and Turkish banking industry.
ING Bank A.Ş.
ING Turkey is a 100% subsidiary of ING Bank N.V.
ING's existence in Turkey dates back to early 1990s via a rep-office, its Turkish operations expanded significantly with the acquisition of Oyak Bank in December 2007. Following the acquisition, the name of Oyak Bank was changed to ING Bank A.Ş. in July 2008.
The Netherlands-based ING Group offers individual and corporate customers a wide range of products and services in the areas of retail and wholesale banking with a history of about 150 years. As of 2020 year-end, ING Group has total assets of EUR 937 billion, net profit of EUR 2.5 billion, more than 39.3 million retail customers and 57,000 employees. ING Bank N.V. has A+, Aa3 and AA- long-term ratings from S&P, Moody's and Fitch, respectively.
ING Turkey has full alignment with ING Group's policies, governances and benefits from global know-how and product experiences in various fields.
ING Turkey is a medium-sized bank commanding a solid domestic presence with 191 branches and 3,442 employees as of 2020 year-end.
ING Turkey has a banking vision parallel to Turkey's economic strategy. Within this scope, ING Turkey aims to be a leading savings and digital bank in Turkey. In that regard, ING Turkey continues to invest in technology and digitalization and to develop products and services in parallel with its next generation banking approach.
Taking the advantages of ING's global network and know-how, ING Turkey also supports international business and exporters, which are crucial players in the economy.