Ziraat Bank to launch up to $10 bln borrowing program

ISTANBUL

Turkey’s largest state-run lender Ziraat Bank is planning to start a borrowing program of up $4 billion and 15 billion Turkish Liras through separate issues in domestic and international markets, the bank said Dec. 16 in a statement to the Public Disclosure Platform (KAP).

The bank is planning to issue several lira-denominated borrowing instruments worth up to 15 billion liras with different maturities up to 5 years, it said.

The bank will also establish a foreign currency denominated, medium-term, note program in international markets worth up to $4 billion through one or more issues.

The board of the bank has also decided to authorize the chief management to make the required applications to the banking watchdog (BDDK), capital markets watchdog (SPK) and other institutions, according to the statement.