Shares are acquired for public insurance companies’ consolidation projectApril 22nd, 2020
In accordance with the reforms of the Ministry of Treasury and Finance aimed at increasing the domestic savings rate and growing the non-banking financial services sector in the country, Turkey Wealth Fund (TWF) had announced the public insurance companies’ consolidation project on December 13th, 2019.
Within the context of this project, TVF Finansal Yatırımlar AŞ, TWF’s wholly owned subsidiary, has completed today the acquisition of Güneş Sigorta AŞ, Halk Sigorta AŞ, Ziraat Sigorta AŞ, Vakıf Emeklilik ve Hayat AŞ, Halk Hayat ve Emeklilik AŞ and Ziraat Hayat ve Emeklilik AŞ shares from public banks and other related parties. Details of the transactions are provided within the Public Disclosure Platform announcements of T.C. Ziraat Bankası AŞ, Türkiye Halk Bankası AŞ, Türkiye Vakıflar Bankası TAO and the insurance companies stated above.
Through the acquisition of public insurance companies’ non-listed shares from public banks and other related parties, the first part of public insurance companies’ consolidation project is completed for an investment consideration of 6.54 billion TL.
As Turkey Wealth Fund, we highly prioritize this project and consider it to be a milestone on our roadmap in providing capital to Turkey’s strategic investments and supporting the deepening of financial markets.