Vakıfbank secured new funding from abroad


Vakıfbank realized a new funding transaction with an international bank amounting to USD 500 million with a maturity of 3 years.

According to the statement made by the bank, Vakıfbank signed a new funding transaction with an international bank in the amount of 500 million dollars with a maturity of 3 years. The statement did not include details on the cost of the financing.

Stating that they provided 6.3 billion dollars of financing from international markets in 2023, Vakıfbank General Manager Abdi Serdar Üstünsalih stated that the total amount of foreign funding reached 14 billion dollars and its share in total liabilities increased to 15 percent.

Üstünsalih said, “As in the collateralized funding transaction we realized with another international bank in August last year, we managed to increase both the maturity to a very long level of 3 years and the transaction size to the equivalent of a eurobond issuance compared to the usual transactions. This transaction also attracts attention in terms of being much more cost-effective compared to its alternatives. We continue to diversify our funding structure by evaluating new funding alternatives with optimum costs through such transactions.”

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