Albaraka Turk Katilim Bankasi AS (ALBRK), the Turkish unit of Bahrain's AlBaraka Banking Group (BARKA), plans to raise as much as $750 million through (more)
Albaraka Turk Katilim Bankasi AS (ALBRK), the Turkish unit of Bahrain
's AlBaraka Banking Group (BARKA), plans to raise as much as $750 million through syndicated financing and an Islamic bond sale this year, the group chief executive said.
The bank may raise between $400 million and $500 million from a so-called syndicated murabaha facility next week, CEO Adnan Yousif said in a telephone interview late yesterday from Alexandria, Egypt. The financing will mostly be in dollars, with some in euros, he said. The bank also plans to raise as much as $250 million from the sale of 7-year Islamic bonds this year.
Albaraka Turk's second-quarter profit surged 58 percent to 46.8 million liras ($26 million), beating the 40.5 million lira average estimate of four analysts. The bank has $331 million of debt due in September, according to data compiled by Bloomberg.
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