Turkiye Wealth Fund buys EBRD's stake in Borsa Istanbul

ANKARA

The Turkiye Wealth Fund (TWF) bought 10% share of the European Bank for Reconstruction and Development (EBRD) in the country's benchmark stock exchange, said the fund in a statement on Tuesday.

The fund's share in Borsa Istanbul rose to 90.60%, the statement added.

"We continue to believe in the future of the company as a potential regional leader within our strategic plan for the Istanbul Financial Center project," TWF Managing Director Zafer Sonmez said.

The fund, established in 2016, holds all or part of the shares of several Turkish companies such as flag carrier Turkish Airlines, telecommunications giant Turk Telekom, state lenders Ziraat Bankasi and Halkbank, oil company Turkish Petroleum, and stock market Borsa Istanbul.

Separately, the EBRD said in a statement it remains committed to further supporting the development of Turkish capital markets.

The bank has been a shareholder in Turkey’s sole exchange since December 2015.

"Under its new five-year country strategy for Turkey, approved by the Bank’s board of directors earlier this year, the EBRD will continue to support, through investment and policy advice, an enabling environment for local currency-denominated financial products and the deepening of local capital markets," said the bank.