December 4, 2019 / 4:59 AM / in 3 months

UPDATE 1-Turkish Treasury takes over majority stake in Vakifbank

(Adds details, background)

ISTANBUL, Dec 4 (Reuters) - The Turkish Treasury is taking over a 58.5% stake in the state-owned Vakifbank from the state’s General Directorate of Foundations, according to a presidential decision published by the country’s Official Gazette on Wednesday.

Vakifbank is Turkey’s fourth biggest bank by assets. According to the presidential decision, the bank’s A and B group shares held by the directorate were being transferred to the Treasury.

It said the A and B group shares were valued at 9.4956 lira ($1.66) each, giving the 58.45% stake a value of some 13.9 billion lira ($2.43 billion).

The shares will be registered to the treasury within one week, the presidential decision said. The bank’s D group shares are listed on the stock exchange, representing a 25.22% stake.

The Gazette had previously said in a decree in December 2017 that the Treasury would take over the directorate’s 58.45 percent stake in the bank.

In the third quarter, Vakifbank posted a net profit of 503.2 million lira ($88.1 million), down from 984.9 million lira in the same period a year earlier. ($1 = 5.7110 liras) (Reporting by Can Sezer; Editing by Daren Butler)

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