Dec. 19 (Bloomberg) -- Malaysia’s state-owned Employee Provident Fund borrowed 300 million pounds in a five-year loan, proceeds of which will be used to buy properties in London, according to a person familiar with the matter.
The fund initially targeted 240 million pounds and increased the amount after receiving a strong response from banks, the person said, asking not to be identified as details are private. Banks consider Employee Provident Fund to be a quasi-sovereign borrower, the person said.
The loan, which is Employee Provident Fund’s first offshore facility, was arranged by Citigroup Inc., the person said.
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