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ISTANBUL - Turkiye Garanti Bankasi (IS:GARAN) A.S. has appointed eight international financial institutions to manage the issuance of U.S. dollar-denominated subordinated notes, according to a press release statement issued Tuesday.
The Basel III compliant notes will be sold to institutional investors outside Turkey. The bank has mandated Banco Bilbao (NYSE:BBVA) Vizcaya Argentaria, BofA Securities, J.P. Morgan Securities plc, BNP Paribas (OTC:BNPQY), Emirates NBD Bank PJSC, First Abu Dhabi Bank, MUFG Securities EMEA plc and Standard Chartered (LON:STAN) Bank for the transaction.
The announcement did not specify the size of the planned issuance or its expected pricing terms.
Garanti BBVA (BME:BBVA), one of Turkey’s largest private banks, regularly accesses international capital markets to diversify its funding sources and strengthen its capital position.
The subordinated notes are designed to comply with Basel III regulatory capital requirements, which aim to improve the banking sector’s ability to absorb shocks from financial and economic stress.
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