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Turkey considering draft law to transfer $2.5 bln VakifBank stake -Islamic lender chairman
May 5, 2017 / 12:27 PM / 5 months ago

Turkey considering draft law to transfer $2.5 bln VakifBank stake -Islamic lender chairman

ISTANBUL, May 5 (Reuters) - 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 data.

Reporting by Ebru Tuncay and Behiye Selin Taner; Writing by Can Sezer; Editing by David Dolan

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