Turkey’s Isbank has received a US$1.2bn syndicated loan from 42 banks in 20 countries, to be used for trade finance activities.

The loan was co-ordinated by Standard Chartered, with Wells Fargo acting as agent. Isbank was unable to reveal the full list of lenders when contacted by GTR.

The deal is divided between a €796.5mn tranche, priced at 0.75% over Libor, and a US$281mn tranche, priced at 0.75% over Euribor.

Isbank already received a US$1.4bn loan in May 2015, and this new deal brings its total amount of syndicated loans to US$2.6bn.

“The positive outcome achieved despite negative market conditions has consolidated the strong position of the Turkish banking sector within the global financial system,” Isbank says in a statement.