May 11, 2020 / 7:11 PM / in 19 days

Turkish Wealth Fund to inject 21 bln lira capital to state banks

ISTANBUL, May 11 (Reuters) - Turkey’s sovereign wealth fund said on Monday that it launched works on increasing three state banks’ core capital by a total of 21 billion lira ($2.97 billion) to support capital structure and adequacy.

The Turkey Wealth Fund, which owns state-owned Ziraat Bank and a majority stake in Halkbank, will acquire a holding in Vakifbank as a result of the capital injection, the fund also said.

Reuters reported last week Turkey’s plans to inject about 20 billion lira of new capital to state banks. ($1 = 7.0750 liras) (Reporting by Birsen Altayli and Ezgi Erkoyun)

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