Vakıfbank, a large public bank undergoing restructuring to modernize its operations, has received a syndicated loan comprising both euros and dollars in the total amount of $750 million. Repayment will be due one year after issuance. Twenty-five bank branches of 12 banks in cooperation extended the loan to the bank. The rate of interest will be the London Interbank Offered Rate (LIBOR) plus 0.77 percent for the dollar part of the loan and the Euro Interbank Offered Rate (Euribor) plus 0.77 percent. Vakıfbank General Manager Bilal Karaman said the loan was a clear indicator of the confidence shown in Turkey, though its economy is passing through hard times amid domestic political problems and reflections of a global recession. Speaking at the signing ceremony yesterday in İstanbul, he noted that the banking sector's...
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