ECONOMY

NBG’s Turkish unit seeking to refinance loans

Finansbank, the Turkish unit of National Bank of Greece SA, is seeking to refinance $220.5 million and 210.6 million euros of loans obtained last year.

The one-year facility will also include euro- and dollar-denominated portions and pay interest at 70 basis points more than benchmark lending rates, according to data compiled by Bloomberg.

The so-called all-in margin will be 135 basis points once banks? fees are included.

Standard Chartered Plc is coordinating the deal, the data show.

The Turkish bank?s current loan matures the end of November and pays an interest margin of 70 basis points.

A basis point is 0.01 percentage point.

[Bloomberg]