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Turkey Said to Plan $3.8b Capital Injection into State Lenders

TURKEY
  • Turkey’s sovereign wealth fund, or Turkiye Varlik Fonu, will boost core capitals of Ziraat Bank, Halkbank and Vakifbank as well as their Islamic banking units by a total of 51.5b liras, a senior official with direct knowledge of the matter told Bloomberg
  • Under the plan, Ziraat will get 22.5 billion liras while Halkbank and Vakifbank will get 13.5 billion liras each, the official says* Islamic banking units will get a total of 2 billion liras
  • A representative of Ziraat Bank declined to comment.
  • Representatives of Halkbank and Vakifbank didn’t respond to calls and text messages seeking comment. A representative of the wealth fund said the fund will continue to support banks which are drivers of economic growth
  • NOTE: Wealth fund injected $6.7 billion to support banks in two separate rounds in 2019 and 2020
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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