17 Hrs
Source:
Sky News
Halkbank continues secondary share sale
Turkish Halk Bank's CEO, Suleiman Ozdile, announced that the bank is continuing preparations for a secondary share offering, despite recent turbulence in the Turkish market caused by the investment funds crisis. He explained that the bank has held meetings with around 60 investors in Abu Dhabi, Dubai, London, and New York, and that the plan remains unchanged, taking market conditions into account. He did not disclose the final size or the specific timing of the offering, which could raise approximately $1.7 billion based on current market prices. This comes after Halk Bank increased its capital by 20% last August and previously requested to raise its capital to 9 billion lira. Despite the wave of sell-offs that pushed the Turkish stock market into a sharp downturn, the bank is betting on sustained interest from foreign investors, especially since current stock valuations remain attractive. This secondary offering will be the largest since 2012, and the Turkish sovereign wealth fund owns 91.5% of the bank's shares.
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