Turkish Airlines and Halkbank stakes transferred to wealth fund

Turkey's government has transferred its major stakes in Turkish Airlines and Halkbank to its sovereign wealth fund, removing them from a privatisation programme, the OIB privatisation administration said.

The OIB said on Monday that the government had decided to transfer to the fund its 49.12% stake in Turkish Airlines and a 51.11% stake in Halkbank, Reuters reports.

The announcement followed a move to transfer stakes in Ziraat Bank, the Borsa Istanbul stock exchange and state-owned pipeline operator Botas, to the new fund, announced in the Official Gazette 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 privatisation fund.