One of Turkey’s biggest private banks signed a new $980m syndicated loan agreement on Thursday in a deal that will be seen as a crucial vote of confidence in the country’s lenders.

Akbank, the country’s second-largest bank by market value, announced that it had agreed a $285m and €591m one-year loan. The rollover ratio was 104 per cent.

The bank’s chief executive, Suzan Sabanci Dincer, said that the interest from foreign banks was a “sign of confidence in Turkey and our financial system.”

Turkish banks are heavily reliant on external financing and investors fear that some may struggle to rollover their maturing wholesale debt after a currency crisis that has piled pressure on corporates and lenders.

Akbank, which had been forced to increase its pricing in recent weeks to encourage lenders to join the deal, agreed a rate of Libor+275 basis points and Euribor+ 265 basis points.

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