May 23, 2008 / 4:36 PM / 12 years ago

Turkish watchdogs approve Garanti capital hike

ISTANBUL, May 23 (Reuters) - Turkish lender Garanti Bank (GARAN.IS) said on Friday the Capital Markets Board (SPK) and banking regulator BDDK had approved its application for a 100 percent capital hike.

It said in a statement that the regulators had also approved its plan to cancel the bank’s founder shares, holders of which have the right to 10 percent of the bank’s net profit.

The bank, Turkey’s third largest private lender by market value, had announced the plan to raise its capital to 4.2 billion lira ($3.38 billion) and cancel the founder shares in April. (Reporting by Emma Ross-Thomas; Editing by Rory Channing)

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