Easy Access to International Funding
In 2025, we have secured fresh funding from the international markets, totaling USD 12.8 billion.
In May 2025, with the participation of 50 banks from 21 countries, we secured a sustainability-themed syndicated loan totaling USD 1 billion, comprising USD 472 million and EUR 487.2 million.
As a result of the positive effects of disinflationary policies implemented in 2025, rating agencies upgraded both the sovereign credit rating and our Bank’s credit ratings. In addition to these rating improvements, and driven by investor confidence in our country and our Bank, we secured a total of USD 12.8 billion in new long-term, low-cost funding from international markets under various structures throughout the year. With these transactions in international markets, our total international funding reached USD 23.6 billion, once again demonstrating the reputation and credibility of Türkiye and VakıfBank among international investors. Furthermore, 2025 was a period in which we deepened existing relationships and established new ones with multilateral development institutions, with our Bank taking an active approach in this area.
As the bank that brought the highest amount of new funding from international markets to Türkiye among Turkish banks in 2024, we started 2025 with our first international borrowing transaction: a 10-year DPR securitization with a four-year principal grace period. The USD 700 million transaction is notable for being the largest and longest-term DPR securitization transaction executed with institutional investors, particularly those based in the UK and the US, after a long hiatus.
In May 2025, with the participation of 50 banks from 21 countries, we secured a sustainability-themed syndicated loan totaling USD 1 billion, comprising USD 472 million and EUR 487.2 million. We secured the participation of nine new banks that were not involved in the same period of the previous year, and for the first time, we increased the number of banks participating at the highest commitment level to 18. Additionally, at the beginning of 2025, we secured funding of EUR 284 million and CNY 708 million with a three-year maturity through a bilateral loan agreement with the Export-Import Bank of China (CEXIM) to finance foreign trade. Also in May, through our CNY 4 billion loan agreement with the China Development Bank (CDB), we became the only bank from Türkiye to collaborate with China after a long hiatus. As one of the most active Turkish banks in international capital markets, we executed the year’s first sustainable Eurobond issuance in July, a five-year deal totaling USD 750 million. The transaction attracted strong demand, reaching approximately 2.5 times the issue size, with significant interest from over 100 investors from numerous countries, primarily the US and the UK. As a result, the transaction’s yield improved by 50 basis points from the initial price expectations, settling at 7.375%, with a coupon rate of 7.25%. With this issuance, our Bank’s total sustainable Eurobond issuance volume exceeded USD 3 billion, strengthening our leading position among Turkish banks in this area.
In line with our strategy to diversify international funding sources, we continued to take significant steps, successfully completing our Bank’s first-ever murabaha financing transaction in September. The USD 500 million, five-year, cost-effective murabaha transaction with Kuwait Finance House, a leading institution in the Islamic finance sector, was a tangible indicator of the confidence placed in both VakıfBank and the Turkish banking sector.
Also in September, we successfully completed an additional Tier 1 (AT1) issuance of USD 500 million to international institutional investors. We received demand reaching three times the issue size from nearly 80 investors across various regions, including the UK, Continental Europe, the Middle East, Asia, and the Americas. As a result of investor interest, the transaction’s yield improved by 42.5 basis points from the initial price expectation to 8.20%, reaching the lowest yield among AT1 issuances in the banking sector to date that are eligible for inclusion in Additional Tier 1 capital.
In October 2025, we successfully completed the year’s second DPR transaction, equivalent to a total of USD 1 billion, consisting of two tranches: EUR 425 million and USD 524 million. With a total of USD 1.7 billion in DPR funding secured during the year, we became the Turkish bank that raised the highest amount of funding based on future flows. To date, we have accounted for approximately 40% of the total issuance among DPR programs in Türkiye, making us the clear market leader in terms of funding volume raised under our DPR program.
In November 2025, with the participation of 55 banks from 29 countries, we secured a sustainability-themed syndicated loan exceeding USD 900 million, comprising USD 618 million and EUR 252.2 million. With this transaction, we reached the highest number of participating banks in the past 10 years. The interest in this transaction from countries like Malta, Egypt, and Poland, which had not participated in our syndications for a long time, was a result of the lasting, trust-based relationships we have built with our extensive correspondent network. This successful transaction once again confirmed VakıfBank’s strong position in the international arena.
In 2025, we continued to renew our syndicated loans in line with our “Sustainable Finance Framework.” Our loan portfolio compliant with the Sustainable Finance Framework reached USD 6.1 billion in 2025. Thus, under this framework, we made available to our customers the environmental and social-themed international funds we provided, including our syndicated loans, through environmental and social-themed loan products. In December, a 10-year funding transaction totaling EUR 1.5 billion, with a partial guarantee from the International Bank for Reconstruction and Development (IBRD), a member of the World Bank Group, was approved by the World Bank Executive Committee. This agreement, which takes our collaboration with the World Bank to a new level, represents the largest funding transaction ever carried out with international development institutions in the Turkish banking sector. The project aims to create or improve employment conditions for a total of 800,000 young people and women, both directly and indirectly. It is also significant as it is the largest funding transaction the World Bank has signed with a single financial institution in our country.
In line with our strategy to diversify international funding sources, we continued to take significant steps, successfully completing VakıfBank’s first-ever murabaha financing transaction in September.
In October 2025, we successfully completed the year’s second DPR transaction, equivalent to a total of USD 1 billion.
Also in December, we added another partnership to our strong collaborations with international development organizations. A USD 300 million funding deal, guaranteed by the Ministry of Treasury and Finance, was approved by the Executive Committee of the Asian Infrastructure Investment Bank (AIIB). With this 10-year agreement, we aim to support the reconstruction of housing, schools, and healthcare facilities in earthquake-affected regions and to increase access to climate-focused investments for small and medium-sized enterprises (SMEs) facing financing challenges nationwide.
Throughout 2025, under our Global Medium - Term Note (GMTN), we also executed 64 separate private placement transactions in various currencies, targeted at qualified overseas investors, totaling approximately USD 3.2 billion in medium- to long-term instruments.
As a leading bank in international capital markets, we continued to add value to the Turkish economy in 2025 by channeling the resources we raised through various structures—in many of which we hold a leading position—to the real sector, prioritizing efficiency-focused investment loans that offer the potential to generate additional foreign currency income.
Below are the details of the distribution of our resources as of the end of 2025.
Distribution of Our International Funding
GRI 3-3
