Emirates NBD co-arranges $170m dual-currency loan for Sekerbank

Notes and media contacts

About Sekerbank T.A.S.:
Sekerbank T.A.S. was established in 1953 as the "Sugar Beet Cooperative Bank" in Eskisehir, Turkey. The Bank commenced its activities by pooling the modest savings of the sugar beet producers who belonged to the cooperatives to support the financial needs of the sugar beet producers and the sugar industry. In 1956, the Bank relocated its headquarters to Ankara and changed its name to Sekerbank T.A.S. In 2004, the Bank again relocated its headquarters to Istanbul. Sekerbank T.A.S. became a full service bank in early 1970s.

The Bank started partnership discussions with foreign investors during 2005 and 2006. In June 2006, Sekerbank Pension Fund signed a Partnership Agreement with Bank Turan Alem Group of Kazakhstan (BTA Group) to sell 33.98% of shares to the latter and successfully concluded the partnership process in March 2007. The current shareholding structure of the bank is as follows: 32.04% publicly traded on the Istanbul Stock Exchange, 33.98% BTA Group and 33.98% Sekerbank Pension Fund of the Employees.

The group's extensive banking network consists of 250 branches across Turkey. As per limited review figures, the Bank's total assets and equity exceeded approximately $5.45bn and approximately $692.30m respectively as at 31 March 2008.

On 19th December 2007, Fitch Ratings raised its long-term IDR Foreign Currency on Sekerbank T.A.S. to B from B- and affirmed the short-term counterparty credit rating at B, with a stable outlook. Sekerbank is also rated by Capital Intelligence (BB- / B) with a stable outlook.

For further information, please contact:
Mohammad Kamran Wajid
Global Head - Financial Institutions
Emirates NBD
Tel: + 9714 209 2237 / +97150 6574107