The Turkish Treasury is taking over a 58.5 percent stake in the state-owned Vakıfbank from the General Directorate of Foundations, according to a presidential decision published in the country’s Official Gazette on Wednesday, Reuters reported.
Vakıfbank is Turkey’s fourth largest bank by assets. According to the presidential decision, the bank’s A and B group shares held by the directorate are 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 percent 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 percent 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 Vakıfbank 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.