Vakifbank said on Friday (17 October) it had mandated a consortium of foreign banks for a US$150m syndicated loan to finance exports, with a one-year maturity.
It is the first time this year that Vakifbank, which is overseen by the state, will take a syndicated loan. Vakif did not name the foreign banks involved.
"By twice receiving upgrades in the international financial markets in the last two months, Vakifbank's credibility is high and now we give authorisation for a syndicated loan," it said in a statement.
Fitch Ratings agency recently increased Vakifbank's foreign and local currency ratings to B from B-.
Source: Reuters
