December 25, 2017 / 8:33 AM / 3 months ago

Turkey's Vakifbank state bank status will not change with decree

ISTANBUL, Dec 25 (Reuters) - Turkey’s Vakifbank said in a public filing on Monday 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.

It also said that a decree in the Official Gazette authorising the transfer applied to the 58.51 percent of stock held by the General Directorate of Foundations - 43.00 percent Group A shares and 15.51 percent Group B shares.

“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. (Writing by Ezgi Erkoyun; Editing by Dominic Evans)

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