Ak Bars Bank raises $100 mln syndicated loan through Islamic financing
KAZAN. Jan 29 (Interfax) - Kazan-based Ak Bars Bank has raised a one-year syndicated loan of $100 million through Islamic financing, the bank's press service said.
The loan is being issued by a group of international banks. "The transaction raised high market interest resulting in a significant oversubscription and a syndicate of 11 banks in total," the bank said in its press release.
Citi, Commerzbank and Emirates NBD Capital were the leading organizers of the deal, which was signed on December 30, 2013.
General funding for Ak Bars Bank will be utilized to fund Sharia-compliant assets and investment projects in the Republic of Tatarstan and regions where Ak Bars has a presence, the bank said.
Ak Bars Bank said that this was its second deal to raise funds in line with Islamic banking standards. The first deal totaled $60 million and was signed in 2011 for a period of one year.
Ak Bars Bank was ranked 21 in assets among Russian banks in the Interfax-100 ranking for 2013.
