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.
