Turkey’s Vakıfbank’s state bank status ‘will not change with decree’

ISTANBUL-Reuters

Turkey’s Vakıfbank said that the transfer of a majority of its shares to the Turkish treasury will not change its status as a state bank or its strategy and business plan.

On Dec. 25, it said in a public filing that a decree in the Official Gazette authorizing the transfer applied to the 58.51 percent of stock held by the General Directorate of Foundations – 43 percent Group A shares and 15.51 percent Group B shares.

The shareholders who hold Group D shares that are listed on the Istanbul stock exchange, which corresponds 25.22 percent of the bank’s capital, will not be subject to any change with the decree, the bank said.

The remaining shareholders holding Group B and C shares will have the option to ask for transfer of their shares to the treasury, it said in its statement.

“The shares which are owned and administered by General Directorate of Foundations (GDF) will be transferred to Turkish Treasury with the aforementioned Statutory Decree following the decision of Turkish Cabinet,” it said.