"Banking: Foreigners turn kindly eye on the Turkish market
By Michael Kuser
Published: November 28 2005 17:22 | Last updated: November 28 2005 17:22
Ankara took an important step this month toward reducing the share of state-owned banks in the sector – now at 30 per cent – by launching an initial public offering for Vakifbank that raised more than €1bn, nearly two-thirds of it from foreign institutional investors.
Turkey’s fourth largest bank, Vakifbank, started trading 22 per cent of its shares on the Istanbul bourse on November 18, with most of the remainder controlled by a government department of foundations.
Turkey made the IPO as part of a pledge to the International Monetary Fund."
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