ISTANBUL – The capital of Turkey’s Ziraat Bank will be raised to 34.9 billion lira ($2.57 billion) according to footnotes of the bank’s annual financial report, with the amount to be paid by the Turkey Wealth Fund.
The wealth fund will pay 21.8 billion lira for the capital increase, according to the statements.
Earlier this month, Turkish state-owned Halkbank and Vakifbank said they will carry out capital increases by private placement, with combined total sales proceeds of 26.8 billion lira and the shares issued to be sold to the Turkey Wealth Fund.
($1 = 13.6002 liras)
(Reporting by Can Sezer and Ebru Tuncay; Writing by Ezgi Erkoyun; Editing by Daren Butler)