Akbank headquarters is seen at the business and financial district of Levent in Istanbul, Turkey September 7, 2017. REUTERS/Osman Orsal
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Banks that provided a $4.75 billion loan to the owner of Turk Telekomunikasyon AS are backing a proposal that would settle Turkey's biggest default, sources with knowledge of the matter said.Akbank rose as much as 2.6 percent, Garanti 2.3 percent and Isbank 2.1 percent apiece.Banks with the largest exposure include Akbank TAS with $1.7 billion, Turkiye Garanti Bankasi AS with almost $1 billion and Turkiye Turkiye Is Bankasi AS with around $500 million.Akbank, Garanti Bankasi and Isbank put their exposures under a so-called watch list for potential souring assets and booked around 10 percent to 30 percent provisions for the loan, Garanti Yatirim said.
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