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Turkey transfers its Ziraat Bank, Istanbul bourse, Botas stakes to wealth fund

Reuters

ANKARA (Reuters) - Turkey has transferred its stakes in Ziraat Bank, the Borsa Istanbul stock exchange and state-owned pipeline operator Botas, among others, to a new sovereign wealth fund, the official gazette said on Sunday.

Turkey is setting up the wealth fund - Turkey Asset Management - with initial paid-in capital of 50 million liras ($16 million), to be financed from the state privatizsation fund.

Its strategic aim is to generate annual growth of 1.5 percent over the next 10 years.

(Reporting by Ece Toksabay; Editing by Louise Ireland)

 

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