23 Hrs
Source:
اقتصاد سكاي نيوز عربية
Çelik Bank Continues Secondary Offering Amid Fund Crisis
The CEO of Turkey's Çukurova Bank, Suleyman Ozdil, confirmed that the bank continues to prepare for a secondary share offering despite recent turmoil in the Turkish market caused by the investment fund crisis, with strong investor interest. The bank did not specify the final size or timing of the offering but assured that it will accelerate the process once market conditions improve. This comes after the bank's request in August to increase its capital by 1.8 billion lira, potentially raising around $1.7 billion, following the resolution of the 2019 US lawsuit accusing it of circumventing sanctions against Iran, with the aim of strengthening its international financial position. Despite declining market indices and their worst performance since 2008, the bank remains optimistic about continued foreign investor interest, taking advantage of low and attractive valuations. This offering will be the largest transaction since 2012.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)