Treasury Takes Over Majority Stake in State-Owned Vakıfbank

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The General Directorate of Foundations will hand over its shares in the state-owned Vakıfbank to the Treasury, according to a Presidential Decree that was published in the Official Gazette today (December 4).

The decree stated that the bank's A and B group shares were being transferred to the Treasury. It said the shares were valued at 9.4956 Turkish lira (~1.66 US dollars) and the total values of the transferred shares were 13.9 billion lira (~2.4 billion dollars).

Vakıfbank posted a net profit of 503.2 million lira (88.1 million dollars) in the third quarter.

Vakıfbank is the third-largest state-owned bank in Turkey, after Ziraat Bank and Halkbank. All shares of Ziraat Bank and 51.06 percent of the shares of Halkbank are owned by the Turkey Wealth Fund. (HA/VK)