Temasek Invests in Turkish Bank
Posted on 12/06/2012
Turkey has remained relatively safe from the Middle East uprisings and partially protected from the European sovereign debt contagion. Turkey is undergoing some levels of privatization and wants to privatize its remaining three state-owned banks. This is usually achieved by public offerings of the stock.
Turkiye Halk Bankasi AS
|Total Assets||Millions USD|
Temasek Holdings purchased a stake in a November secondary public offering in Turkiye Halk Bankasi AS, a government-owned bank in Turkey. It is Turkey’s second largest state-owned bank by assets. Public ownership of Turkiye Halk Bankasi AS jumped to 48.86% after the second offering.
Temasek Holdings believes investing in financial companies in countries with a fast-growing middle class is a great investment. Temasek Holdings is seeking other banks in the region as well. Asset allocation to the Middle East remains low for Temasek Holdings at less than 1%.