ISTANBUL (CIHAN) - One of the leading private banks in Turkey, Akbank borrowed its largest loan ever in the international markets with a 500 million US Dollars loan from a group of banks. The record loan demonstrates international confidence in Turkish banking and the Turkish economy.
The loan, which will be used to finance exports, is the largest loan provided from international markets to Akbank so far. The loan agreement was signed in Sakip Sabancý University in Istanbul with the participation of officials representing 63 banks from 29 countries.
Speaking at the signing ceremony, Akbank's General Manager Zafer Kurtul said that this is the largest loan borrowed from international lenders so far.
Kurtul stated that Akbank's total loan debt has reached 2.9 billion dollars with this loan and Akbank loans this money to its customers.
Akbank earned a total of 2.4 quadrillion TL in gross profits in 2003, and a total net profit of 1.325 quadrillion TL. The bank's gross profits increased by 69 percent when compared with the previous year.