Bank Going Green by Providing Syndicated Credit

Banks are still targeting more syndicated corporate financing for the remainder of this year. This strategy aims to increase the portion of corporate financing while simultaneously mitigating risks.

Arlina Laras & Fahmi Ahmad Burhan

5 Jun 2024 - 14.14
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 Bank Going Green by Providing Syndicated Credit

Bisnis, JAKARTA— Several banks are vying to implement syndicated loan distribution early in the year, particularly to support the development of a green economic ecosystem, such as electric vehicle infrastructure.

For instance, PT Bank BTPN Tbk. (BTPN) and Sumitomo Mitsui Banking Corporation (SMBC) extended syndicated loan to PT IMG Sejahtera Langgeng (IMGSL), a subsidiary of the Indomobil Group, amounting to $450 million or approximately IDR 7.3 trillion (exchange rate of IDR 16,231 per USD).

This syndicated loan comprises several tranches for the allocation of funds, one of which is a green financing tranche amounting to $225.8 million or IDR 3.66 trillion, earmarked for bolstering the transition towards a green economy by fostering the development of the electric vehicle ecosystem.

In this syndication involving 32 creditors, Bank BTPN and SMBC assume multiple roles, including Coordinating Mandated Lead Arranger and Bookrunner, Lead Green Loan Coordinator, Facility Agent, Collateral Agent, and Bank Account Manager.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.