The UAE’s Emirates Telecommunication Corporation (Etisalat) has begun trying to raise a $2bn syndicated loan deal, according to bankers in the country.

The company, which is arranging the deal itself, has asked banks to give them quotes for either a two-year or a three-year deal. Banks are expected to respond by the end of February.

One banker in Dubai says, “Etisalat is asking for quotes at the moment, so the final make-up of the deal will depend on what the banks come back with.”

The telecoms firm announced on 20 February that it may restructure its operations to help cut costs while profits are falling.