4/10/2018
Ziraat Bank Secured USD 1.4 Billion Syndication Credit
Ziraat Bank Deputy Director General Kuru, "This borrowing has been the highest amount syndication credit secured by a Turkish bank at one time. Total cost of credit of USD 452 million and 797 million euro, has been for one year term Dollar LIBOR+130 base point and for Euro EURIBOR+120 base point."
T.C. Ziraat Bank, one of the biggest public banks of Turkey, has received TL 1,440,000,000 syndication credit from 44 banks of 22 countries in the days past. In the announcement of Ziraat Bank, the comments of Ziraat Bank Treasury Management and International Banking Deputy Director General Bilgehan Kuru have also been conveyed. Kuru has noted that USD 1 billion syndication credit due to April has been renewed to a major extent with a significant amount participation. Within the context of diversifying the non-saving sources and increasing the market share in foreign trade financing, they increased two time higher the amount of syndication credit started as USD 700 million in 2013. Kuru said, "In the meantime, this borrowing has been the highest amount syndication credit secured by a Turkish Bank at one time until now. Total cost of credit of USD 452 million and 797 million euro has been for one year term Dollar LIBOR+130 base point and for Euro EURIBOR+120 base point. We will continue, as Ziraat Bank, to contribute to real sector and savings balance of the country for a strong economic growth of Turkey which already completed 2017 with an extremely high growth rate as 7.4%". Kuru has further reported that beside the stable growth of credits, foreign trade transactions volume increased four times in recent five years and equivalent market share was reached. In the meantime, with the support of this syndication credit, subject acceleration caught in foreign trade financing would be maintained. Kuru has noted that this is the indication of investment continued to be made in Turkey and said, "Credit secured last year from 41 banks has been secured from 44 banks this year in higher amount and lower margin. The sources secured under subject conditions is the indication of our strong cooperation with banks abroad and trust felt for our bank and banking sector even in competitive conditions recently prevailed in international markets. Subject syndication credit is the indication of the fact that Turkish banks can secure sources from abroad without facing any problem, that international investors maintain their trust on Turkey economy and continued to make investments in banking sector and Turkey".
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