Ziraat bank wins record syndicated loan

Ziraat bank wins record syndicated loan
  • Clock-gray 08:13
  • calendar-gray 10 April 2018

Turkey’s state-run Ziraat Bank, run by the Turkish sovereign wealth fund, secured a syndicated loan in dollars and euros totaling $1.44 billion, the biggest in the nation's history, Turkish media reported.  


The loan was secured in tranches of $452 million and 797 million euros at LIBOR plus 130 basis points and EURIBOR plus 120 basis points respectively from 44 foreign banks, Cumhuriyet newspaper reported.


The loan follows Ziraat’s awarding of $700 million in loans over 10 years to the Demiroren Group for the purchase of the media assets of Dogan Holding, the country’s largest media group.


Bilgehan Kuru, Ziraat’s deputy head of treasury and international banking, said the loan will help finance lending to industry and help Turkey maintain economic growth levels of 7.4 percent seen last year.


Ziraat Bank obtained licence in late 2014 to operate in Azerbaijan. 99.98% of Ziraat Bank Azerbaijan’s equity is owned by Ziraat Bank.

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