Continuing its stable growth, Kuveyt Türk has signed a new syndicated club murabaha facility for 275 million Dollars and 83 million Euros
Kuveyt Turk’s syndicated club murabaha facility consists of two separate tranches, one with a term of 1 year and the other with a term of 2 years. The syndicated club murabaha facility obtained at a rate of Libor+Euribor + 0.90% for the term of 1 year and Libor+Euribor + 1.25% for the term of 2 years has attracted participations by 12 global and regional banks from 9 countries. Expressing his pleasure upon the successful conclusion of the syndication deal by Kuveyt Türk, Mr. Ufuk Uyan, the CEO said that the transaction affirmed the strong position of Kuveyt Türk and Turkey’s prestige in the international arena.
Stating that while financial problems prevail especially in Europe, Turkey remains a focus of interest as an investment destination and that such interest is anticipated to further increase in, Mr. UYAN went on to say: “Kuveyt Türk’s Investment Banking division, has closed a TRL sukuk deal in November which was extremely well received and supported by investors. This deal was the the biggest ever sukuk issuance by a Turkish Bank as well as being most competitively priced. We will also continue to offer to the real sector by increasing overseas resources needed by Turkey on its growth path. I would like to express my gratitude to our business partner banks who have provided this syndicated club murabaha facility which we will use towards the financing of foreign trade.”
Mr. UYAN said, “The success of the deal is an indication of the power and extent of of Kuveyt Türk’s international correspondent network. 12 banks from Asian, European and Middle Eastern markets have participated in the deal that has been conducted in a very cost-efficient manner at a time when borrowing costs have tended to increase.”
The syndicated club murabaha facility arranged in two tranches of 1-year and 2-year terms for 275 million Dollars and 83 million Euro, in aggregate has been participated by the following Banks: Mandated Lead Arrangers: ABC Islamic Bank (E.C.), Abu Dhabi Commercial Bank PJSC, Citibank N.A., Emirates NBD Capital Limited, HSBC Amanah Malaysia Berhad, Kuwait Finance House (Bahrain) B.S.C.(c) and Standard Chartered Bank, Lead Arrangers: Kuwait International Bank, Arrangers: Banka Kombëtare Tregtare sh.a., Commerzbank Aktiengesellschaft, Dubai Islamic Bank PJSC and Islamic Development Bank.
Stating that they will celebrate the 25th anniversary of their establishment in 2014, Mr. UYAN said that Kuveyt Turk will continue to meet the wider investment banking requirements of its corporate clients.