Turkey's Isbank under the pressure from its major stakeholders

The founder of the modern Turkish Republic, Mustafa Kemal Ataturk's grandchildren are said to be planning to bring Isbank and its major stake holder CHP (the country's main opposition party) to court claiming that Isbank did not pay their inheritance amounting to US$ 1bn....

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 E-mail article  Print  Save Additional News in English Još vesti na Srpskom Επιπλέον ειδήσεις στα Ελληνικά  Text

Turkey's Isbank under the pressure from its major stakeholders



Erste - 29.01.2013

The founder of the modern Turkish Republic, Mustafa Kemal Ataturk's grandchildren are said to be planning to bring Isbank and its major stake holder CHP (the country's main opposition party) to court claiming that Isbank did not pay their inheritance amounting to US$ 1bn. We do not think the court's verdict will come any time soon. According to Ataturk's will, the Turkish Language Association and Turkish Historical Association are two institutes that receive Isbank's dividends.

Separately, Isbank Pension Fund announced that they will sell 45mn Isbank shares in the ISE, which makes 1% of the bank's total capital or USD175mn. According to the announcement, the sale will be conducted with different pieces and when finalized the shares owned by the Pension Fund will decline to 39.725% from 40.725%.

Please note that when realized Isbank's free float will increase to 32.18% from 31.18%, which will also increase its share in the MSCI index. We believe the case with the CHP will be likely to be dropped and the news will not impact our view on Isbank.

Source: bne


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