Turkey's Akbank gets $2B in financing
- Türkiye
- Anadolu Agency
- Published Date: 12:00 | 27 March 2018
- Modified Date: 05:19 | 27 March 2018
Private Turkish lender Akbank announced on Tuesday it had secured a $1.2 billion equivalent multi-currency syndicated loan from the international market.
The bank also provided securitization financing worth $795 million, according to a statement sent to Turkey's Public Disclosure Platform (KAP).
"Akbank has secured $2.4 billion financing since the beginning of the current year," said the bank's CEO, Hakan Binbaşgil.
He stressed that these operations show international trust and interest in Turkey.
A syndicated loan is a loan provided by a group of lenders under a consortium, and securitization refers to selling an institution's cash flows, such as commercial mortgages or credit card debt obligations, to third-party firms.
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