February 11, 2019 / 11:10 AM / 9 months ago

Turkey's Erdogan says CHP stake in Isbank to be moved to Treasury 'sooner or later'

Headquarters of Isbank (center L) is seen next to Isbank Towers in Istanbul, Turkey, October 21, 2016. Picture taken through a window. REUTERS/Murad Sezer

ANKARA (Reuters) - Turkish President Tayyip Erdogan said on Monday that the main opposition party’s stake in Isbank (ISCTR.IS), the country’s largest listed lender, will be transferred to the Treasury “sooner or later”.

Last week, Erdogan said that the Treasury would take over the 28 percent stake of the Republican People’s Party (CHP), sending the bank’s shares plunging 6 percent. On Monday, Isbank shares were up more than 2 percent after posting a more-than-expected profit in the final quarter of 2018.

Reporting by Tuvan Gumrukcu and Ece Toksabay

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