Turkey’s Halkbank moves to sell insurance interests

ANKARA

Turkish state-owned lender Halkbank is clearing the deck to sell shares in its insurance subsidiaries as it assesses options to exit the sector.

Halkbank has announced that it has commissioned its general directorate for process management regarding the sale of its direct or indirect shares in Halk Insurance and Halk Life and Pension companies partially or as a whole through Turkey’s Privatization Administration.

According to a statement released on the Public Disclosure Platform (KAP), Halkbank will also acquire its subsidiaries’ shares in Halk Pension and Halk Life and Pension ahead of the potential sale transaction