Turkey Wealth Fund Completes Capital Injections in Three State-Owned Banks
Posted on 03/31/2023
Turkey Wealth Fund completed capital injections worth 111.7 billion Turkish lira (US$ 5.82 billion) into three state-owned banks. In a statement published on late March 30, 2023, Turkey Wealth Fund said it had boosted state lender Ziraat Bank’s capital by 49.7 billion lira.
Halkbank and Vakifbank announced last week that they will issue shares to be acquired by the Turkey Wealth Fund to raise capital by 30 billion and 32 billion lira, respectively. With the capital injections, Turkey Wealth Fund now holds 91.5% of Halkbank and 74.8% of Vakifbank (Türkiye Vakıflar Bankası T.A.O.). Halkbank is a Turkish bank, first incorporated in 1933 as a state-owned bank.
Keywords: Ziraat Bankası.
