December 24, 2017 / 6:50 AM / a year ago

Turkey's Vakifbank to be transferred to Treasury

ISTANBUL, Dec 24 (Reuters) - The Turkish Treasury will take over 58.45 percent of Vakifbank, currently held by the General Directorate of Foundations, an emergency rule decree published on the Official Gazette said on Sunday.

The council of ministers will decide on the per-share price of the transaction by taking into account three different valuation reports of the stake, the decree said. The amount will be paid by the issuance of five sukuks.

Vakifbank, the sixth-largest listed lender in Turkey, posted a net profit of 700.7 million lira ($183.77 million) in the third quarter, down 14 percent from a year earlier, according to its latest financial statements. ($1 = 3.8130 liras) (Writing by Ezgi Erkoyun)

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