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Türkiye's state-run lender VakifBank completed a $1.3 billion securitization transaction with New York-based Apollo Global Management under its Diversified Payment Rights (DPR) program, strengthening its access to international financing sources.
The deal carries a 12-year final maturity with a five-year grace period on principal payments, according to a filing from the bank on Monday.
VakifBank described the transaction as the largest and longest-maturity Diversified Payment Rights (DPR) deal, a financing structure backed by future international payment flows, completed with a single investor in Turkish banking history.
CEO Osman Arslan stated that the agreement was finalized despite ongoing geopolitical risks and global uncertainty, reflecting trust in Türkiye's economic resilience.
Arslan noted that Apollo has become the bank’s largest investor within its DPR program, lifting the bank’s DPR program balance to $5.3 billion.
He added that the total size of DPR programs across the Turkish banking sector stands at $12.9 billion, giving VakifBank a market share above 40%.
Apollo Partner and Head of Structured Finance Jamshid Ehsani said the company actively invests in DPR programs backed by global remittance flows.
Ehsani emphasized VakifBank’s DPR program had repeatedly demonstrated resilience during difficult market conditions and added that Apollo was pleased to deepen its cooperation with the bank through long-term financing.
VakifBank is Türkiye’s second-largest state-owned lender after Ziraat Bank, with total assets exceeding $100 billion.
The transaction follows another financing agreement signed by VakifBank last week, when the bank secured a €1.5 billion ($1.8 billion), 10-year loan package backed by the World Bank’s International Bank for Reconstruction and Development (IBRD) to support the country’s production capacity and employment.
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