May 18, 2020 / 7:14 AM / 15 days ago

Prices set for Turkey's Halkbank, Vakifbank capital injections

ISTANBUL, May 18 (Reuters) - Shares in Vakifbank will be sold to the Turkish Wealth Fund at 4.98 lira per share and those of Halkbank at 5.72 lira, they said, under a capital injection totalling 21 billion lira ($2.97 billion) into three state banks’ core capital.

In early Monday trade, shares in Vakifbank were up 0.44% at 4.61 lira and Halkbank shares were 0.37% higher at 5.40 lira.

The action, also covering the state lender Ziraatbank, is aimed at supporting capital structure and adequacy. Seven billion lira will go to each bank.

The fund owns Ziraat Bank, has a majority stake in Halkbank and will acquire a holding in Vakifbank as a result of the capital injection. (Reporting by Daren Butler)

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