Kuveyt Türk held a press conference today at Çırağan Palace to announce the agreement on a $115 million murabaha facility provided by Gulf and European Banks. The bank was represented by the CEO of Kuwait Finance House, and also Kuveyt Türk’s chairman, Mohammed Al Omar, Kuveyt Türk’s CEO Ufuk Uyan, Representatives from the lending syndicate were also attending.
During the press conference, a presentation was delivered to explain that Kuveyt Türk borrowed this syndication facility through its Bahreyn Branch at LIBOR +2.5 with one year of duration and will be primarily providing to companies in serious funding needs. The loan is a huge success given the current crisis and downturn in the financial sector and the struggles still faced by the international markets. Kuveyt Türk have raised USD 600 million funds from the Gulf within the last two decades.
Kuveyt Türk was the Purchaser Borrower , Liquidity Management House for Investment Company K.S.C.C was documentation agent, Gatehouse Bank was investment agent of this murabaha facility whereas several other banks were mandated arranger to include; Türkiye Halk Bankasi A.S.; Islamic Development Bank; Citibank N.A.; Garanti Bank International N.V.;; Plc National Bank of Kuwait (International) Plc; and Standard Chartered Bank.
The Chairman of Kuveyt Türk, Mohammad Al Omar, made an inauguration speech stating that the bank is celebrating its 20th year in 2009, and aims to continue to grow both in Turkey and abroad, and draw investors and interest-free funds from the Gulf, Central Asia and Europe. Mr Al Omar expressed his happiness for being able to contribute to the SMEs with such an important and timely fund, noting that the global economic crisis has spread all around the world and also challenged the Turkish banking sector. Al Omar declared that global crisis surrounds the world rapidly and finance sector has been passing a very hard examination in this difficult period and stated his pleasure to provide contribution Turkey through this important fund, sourced by Gulf and he mentioned that confidence and respectability regarding our banking operations and credibility were strengthened at the international markets and Kuwait Turk will go from strength to strength in the global banking area with its strong and powerful partnership structure as it was done at present.
Ufuk Uyan, CEO of Kuveyt Türk, spoke after Mr Al Omer. Mr. Uyan said that Kuveyt Türk had an extensive correspondent banking network with near a thousand banks in around 96 countries, and that in the previous year, Kuveyt Turk focused on countries in the Gulf region, in the Middle East and in North Africa, building new correspondence relationships. Due to those efforts, he emphasized, they have been able to turn the crisis into an opportunity, in spite of an expected recession in Turkey’s foreign trade volume. The bank has also increased its market share substantially by improving trade finance transactions, particularly in exports, that have been mediated in 2009. Uyan emphasized that Kuwait Turk, which is one of the important representatives of the Gulf Capital, confirmed it strong structure and reliability in the international society by realizing this foreign sourced transaction in the 20th year.
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