Two state banks raise $1.1 bn from “undisclosed“ sources

Ziraat Bank announced that it has obtained long-term foreign financing of 600 million dollars from an “international investment bank”. A similar ‘source’ came to VakıfBank two weeks ago.

The bank simply referred to the source as “an investment bank of international quality and high prestige”.

Thus, Ziraat Bank has procured 3.4 billion dollars from abroad since the beginning of the year.

Another uncertain source had been generous to VakıfBank, another state bank, two weeks ago. In the statement of the bank, it was reported that a new secured funding transaction was signed with an “international bank” for 500 million dollars, with a maturity of five years. Similarly, no additional explanation was given about the source.


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Published By: Atilla Yeşilada

GlobalSource Partners’ Turkey Country Analyst Atilla Yesilada is the country’s leading political analyst and commentator. He is known throughout the finance and political science world for his thorough and outspoken coverage of Turkey’s political and financial developments. In addition to his extensive writing schedule, he is often called upon to provide his political expertise on major radio and television channels. Based in Istanbul, Atilla is co-founder of the information platform Istanbul Analytics and is one of GlobalSource’s local partners in Turkey. In addition to his consulting work and speaking engagements throughout the US, Europe and the Middle East, he writes regular columns for Turkey’s leading financial websites VATAN and and has contributed to the financial daily Referans and the liberal daily Radikal.