Garanti Bank Secures 1 Billion Euros in a Syndicated Loan

Turkish lender Garanti Bank has secured 1 billion euros in a syndicated loan to replace the 700 million-euro loan obtained in the same period last year.

Garanti Bank’s Chief Executive Ergun Özen said after the signing ceremony in London that they proved their power in banking relations and their expertise in syndicated loans once again.

“Garanti Bank has become a reliable business partner in international markets while Turkey has become a rising star following the global financial crisis,” he said.

Garanti secured the loan from a total of 42 contributing banks from 19 countries. The dual-tranche loan of $304.5 million and 578.25 million euros has a one-year maturity.

Earlier, Garanti posted a consolidated net profit of 913.26 million Turkish Liras, nearly $610 million, for the first quarter of 2011.

The bank’s asset size reached 137.36 billion liras, the return on assets ratio was 2.7 percent and the return on equity ratio was 22.4 percent.
May 10, 2011
SOURCE: HURRIYET DAILY NEWS