Turkish wealth fund injects $5.8 bln capital into three state banks

Turkiye Vakiflar Bankasi TAO

31/03/2023 08:27

ISTANBUL, March 31 (Reuters) - Turkey's sovereign wealth
fund said it had completed capital injections worth 111.7
billion lira ($5.82 billion) into three state-owned banks, a
move that will allow them to boost lending ahead of elections in
May.
    In a statement published on late Thursday, the Turkish
Wealth Fund (TWF) said it had boosted state lender Ziraat Bank's
capital by 49.7 billion lira.
    Halkbank  HALKB.IS  and Vakifbank  VAKBN.IS  announced last
week that they will issue shares to be acquired by the TWF to
raise capital by 30 billion and 32 billion lira, respectively.
    With the capital injections, the Turkish Wealth Fund now
holds 91.5% of Halkbank and 74.8% of Vakifbank, it said.
    ($1 = 19.1789 liras)

 (Reporting by Ebru Tuncay; editing by Jason Neely)
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