Local banks close $350m deal for Al Baraka’s Turkish unit

22 September 2011

Loan deal more than doubles in size from $150m

Al-Baraka Turk, the Turkish unit of Bahrain’s Albaraka Banking Group, has completed a $350m loan, led by a group of regional banks.

The deal is split between dollars and euros, and was significantly oversubscribed, leading to it being increased in size from a target of $150m when it was first launched.

The deal was arranged by Bahrain’s Arab Banking Corporation, and Dubai’s Emirates NBD and Noor Islamic Bank, and the UK’s Standard Chartered.

A total of 25 banks funded the deal, which was signed on 12 September in Istanbul.

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