VakıfBank completes $1 billion DPR securitization transaction

VakıfBank successfully completed transactions worth € 425 million and $524 million, equivalent to $1 billion in total, within the scope of the DPR (Diversified Payment Rights) securitization program based on remittance flows.

The transaction, with maturities ranging from 5 to 10 years, was funded by eight investors from Europe and the Middle East, Asia, and the Americas. This second transaction brings the Bank's total funding provided under the DPR program through 2025 to $1.7 billion.

As Türkiye's second-largest bank, VakıfBank has further expanded the capacity of its DPR program, driven by its strong position in foreign trade transactions and increased transaction volume. VakıfBank's DPR program stands out as the only investment-grade instrument among foreign currency debt instruments.

“We will provide resources to projects that prioritize exports, investment, and employment.”

VakıfBank General Manager Abdi Serdar Üstünsalih stated that the strong international demand for the DPR program is a clear indicator of confidence in VakıfBank's robust balance sheet and the Turkish economy. He said, "With this second transaction, equivalent to $ 1 billion, we have increased the funding we provided under the DPR to $1.7 billion in 2025. In line with our selective lending policy, we will continue to direct this resource to projects that support exports, investment, and employment." Üstünsalih noted that Fitch rating agency Fitch upgraded the DPR program from "BB+" to "BBB-" in September 2024, adding, "This has increased the interest in this program, particularly from institutional investors."

Üstünsalih continued his explanation of the transaction: “The 5- to 10-year maturities strengthen the maturity compatibility and predictability of our funding structure, while the diversification we achieved with eight investors from four continents, primarily focused on Europe and the Middle East, has created flexibility in both access and cost. We are positioning our DPR program to provide resources for projects that prioritize exports, investment, and employment in the corporate, commercial, and SME segments.”

VakıfBank is the market leader in DPR programs

With this transaction, VakıfBank became the Turkish bank that provided the largest amount of funds based on international remittance flows in 2025. The bank is the clear market leader among DPR programs in Türkiye, having single-handedly accounted for approximately 40% of the total issuances provided under the DPR program to date.