April 1 (SeeNews) - Turkey's state-owned Ziraat Bank has signed a $400 million ($340.4 million) loan agreement with China's Exim Bank (Export-Import Bank of China), Istanbul-based media reported.
The cost-effective loan provided by the Chinese Exim Bank in two tranches, of $320 million and $80 million, respectively, is expected to boost trade in local currencies, Daily Sabah quoted the Turkish bank as saying in a statement on Wednesday.
The loan will meet the financing needs of companies active in trade between China and Turkey, Ziraat Bank said.
Ziraat Bank, founded in 1863, manages one of the largest portfolios in Turkey and leads the sector with its wide array of products and services. The lender operates 1,636 points of service nationwide, where it employs 24,725 people, according to the bank's LinkedIn profile.
In the region of Southeast Europe, Ziraat Bank has subsidiaries and affiliate banks in Bosnia and Montenegro, as well as branches and representative offices in Bulgaria, Kosovo and Greece.
($ = 0.851543 euro)