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6 months ago
Turkey transfers its Ziraat Bank, Istanbul bourse, Botas stakes to wealth fund
February 5, 2017 / 4:50 PM / 6 months ago

Turkey transfers its Ziraat Bank, Istanbul bourse, Botas stakes to wealth fund

1 Min Read

Istanbul headquarters of the state-run Ziraat Bank is pictured in Maslak district, Turkey, June 22, 2016.Murad Sezer

ANKARA (Reuters) - Turkey has transferred its stakes in Ziraat Bank, the Borsa Istanbul stock exchange and state-owned pipeline operator Botas, among others, to a new sovereign wealth fund, the official gazette said on Sunday.

Turkey is setting up the wealth fund - Turkey Asset Management - with initial paid-in capital of 50 million liras ($16 million), to be financed from the state privatizsation fund.

Its strategic aim is to generate annual growth of 1.5 percent over the next 10 years.

Reporting by Ece Toksabay; Editing by Louise Ireland

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