Baker McKenzie and Esin Attorney Partnership advised ING Bank, a branch of ING-DiBa AG and SACE S.p.A., in relation to a EUR 50 million SACE Push Facility to Izmir Metropolitan Municipality. The Facility benefits from a 80% commercial and political risk SACE guarantee and is intended to be used for infrastructure projects by Izmir Metropolitan Municipality.
The team was led by Frankfurt partner Kathrin Marchant with Alberto Fornari (partner, Milan) providing local law support in Italy and Muhsin Keskin (partner, Esin Attorney Partnership) providing local law support in Turkey.
"The transaction is a great success for our clients and for Izmir Metropolitan Municipality as well as for us. It exemplifies Baker McKenzie's cross border capabilities, experience with ECA and trade related financings as well as deep knowledge of local markets which enabled the parties to complete this transaction within just two months", comments Kathrin Marchant, lead partner of the transaction.
Sace S.p.A. provides insurance and financial services. The Company offers credit insurance, financing, investment protection, surety bond, and financial guarantees for companies and banks. SACE serves customers worldwide.
ING Group is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 57,000 employees offer retail and wholesale banking services to customers in over 40 countries.
The Banking & Finance-Team of Baker McKenzie and Esin Attorney Partnership regularly advises a large number of German and international financial institutions in relation to international financing transactions, including ECA backed financings. In addition to ING and SACE, amongst the most recent clients are such institutions as AKA, BNPP, Commerzbank, DEKA, Deutsche Bank, DZ Bank, KfW-IPEX, LBBW, MUFG, NordLB, ODDO BHF, SCB and UBS.
Legal advisor to ING and SACE:
Lead: Banking & Finance: Kathrin Marchant (partner, Frankfurt)
Team: Banking & Finance: Alberto Fornari (partner, Milan), Marta Zuliamis (senior associate, Frankfurt), Fabian Löw (associate, Frankfurt), Francesco Ciociola (associate, Milan)
Esin Attorney Partnership
Team: Banking & Finance: Muhsin Keskin (partner,Istanbul), Nihat Aral (associate, Istanbul)