Turkey's Isbank plans $5bn bond issue
Istanbul, December 26, 2013
Turkey's Isbank, the largest privately-owned bank in the country in terms of total assets, shareholders equity, total deposits and total loans, said it plans to issue bonds worth up to $5 billion with a maximum maturity of 10 years.
The lender made the announcement in a filing with the Istanbul stock exchange.
İşbank is ranked as the 75th among the world's most valuable banking brands, according to the report. It also ranked 100th in the Banker magazine's "Top 1000 World Bank's" survey based on banks' consolidated financial statements at the end of 2010, said the bank in a statement.
The Istanbul-based lender said at the end of the third quarter of 2011, its shareholders' equity stood at 17.9 billion TL ($8.75 billion), while its total assets soared to 160 billion TL.
The bank operates 1,011 branches domestically, giving it one of the largest branch networks in Turkey. İşbank's international network comprises a branch in the UK, one in Bahrain besides 13 branches in the Turkish Republic of Northern Cyprus.
It also has a financial subsidiary in the Republic of Ireland (İş Dublin Financial Services), and a banking subsidiary in Germany (İşbank GmbH), with 11 branches in Germany and one branch each in the Netherlands, France and Switzerland) as well as representative offices in Shanghai and in Cairo.-Reuters
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