ISTANBUL May 5 Turkey is considering a draft
law to transfer a 58.5 percent stake in VakifBank to
unlisted Islamic lender Vakif Katilim, Vakif Katilim's chairman
told Reuters on Friday, a move that may coincide with Ankara's
push to ramp up Islamic finance.
The deal would see Turkey's Treasury purchasing the stake of
VakifBank that is currently held by the Prime Ministry's General
Directorate of Foundations and transferring it to the Islamic
lender, Ozturk Oran told Reuters on the sidelines of a business
conference in Istanbul.
The stake would be worth around $2.5 billion, given
VakifBank's current market value, according to Thomson Reuters
(Reporting by Ebru Tuncay and Behiye Selin Taner; Writing by
Can Sezer; Editing by David Dolan)