Simmons & Simmons advised BNP Paribas, Santander, ING and Standard Chartered on the closing of an up to €1.5bn IBRD covered syndicated financing for VakıfBank.
International law firm Simmons & Simmons has successfully advised BNP Paribas, Banco Santander, S.A., ING Bank, a branch of ING DiBa AG and Standard Chartered Bank on the successful closing of an up to €1.5bn syndicated financing for Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (VakıfBank), one of Türkiye’s leading banks.
The landmark financing is partially covered by the International Bank for Reconstruction and Development (IBRD), an arm of the World Bank, and is the largest World Bank guaranteed financing ever completed for a single investment project, representing the largest funding raised by a Turkish bank as borrower with international development institutions. It is also counter-guaranteed by the Ministry of Treasury and Finance of Türkiye.
The proceeds will enable VakıfBank to extend sub-loans to eligible micro, small, and medium enterprises (MSMEs), with a particular focus on supporting women’s economic participation and advancing financial inclusion.
The project will support tailored finance for MSMEs and women entrepreneurs, sector-based financial incentives for firms exceeding female employment benchmarks, performance-based support for MSMEs maintaining or increasing female and youth employment, and recovery lending for women-inclusive firms in earthquake-affected and underdeveloped regions.
The Simmons & Simmons team was led by Partner Sergei Kabanov, with primary support from Managing Associate Louise Mackenzie, Trainee Amber Jones, and further supported by Partner John Sayers and Consultant Jeremy Arscott from the firm’s banking team. Sergei commented: “This transaction sets a new benchmark for development finance in Türkiye and demonstrates the power of innovative, impact-driven financing solutions. We are delighted to have supported our clients on this landmark deal, which will have a meaningful impact on financial inclusion and women’s economic empowerment in Türkiye.”
