Dubai: Turkey-based Akbank said on Monday it has concluded a dual currency loan of $1.2 billion, and the proceeds will be used for its trade finance and general corporate purposes.

The dollar denominated loan will cost the bank London inter-bank offer rate (Libor) plus 1.45 per cent per annum, while the euro loan will cost the 1.35 per cent over and above the EURIBOR, the bank said in an emailed statement.

“Despite the domestic volatility, the facilities achieved a strong global response with the participation of 38 international banks across North America, Western Europe, Asia and the Middle East which is a testament to Akbank’s strong fundamentals and successes through volatile markets, as well as the resilience of the Turkish financial sector,” the bank added.