Turkey’s Isbank has secured a US$1.2bn refinancing package from a syndicate of 47 banks.

Standard Chartered acted as co-ordinating bank and documentation agent, while Sumitomo Mitsui Banking Corporation (SMBC) was facility agent. The structure of the syndicate has not been disclosed, but it’s known to have an international flavour, with banks from 19 different countries participating. The loan will be used for general trade finance activities.

In addition, the EBRD has opened a €150mn credit facility for Isbank for on-lending to Turkish SMEs.