Turkey's Akbank gets $2B in financing

Bank's financing is made up of syndicated loan and securitization, says bank

By Gokhan Ergocun

ANKARA (AA) - 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 Binbasgil.

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.

Kaynak:

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