Turkey's Vakifbank secures $891 million loan

By Gokhan Ergocun

ANKARA (AA) - Turkey’s Vakifbank secured an $891 million multi-currency syndicated loan, the bank announced on Tuesday.

The loan will be used in foreign trade financing, the bank said in the statement.

Vakifbank stated that it signed the syndicated loan with the participation of 22 banks from 12 countries under the joint coordination of ING Bank and Emirates NBD.

"With the second syndication loan of the year, our total syndication loan balance approached to $2 billion. This syndication loan has once again confirmed VakifBank's high credibility in international markets, as well as the confidence in the Turkish economy," the bank's CEO Mehmet Emin Ozcan said.

The bank had secured another syndicated loan which amounted $967 million this April.