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Türkiye’s sovereign wealth fund, Türkiye Wealth Fund (TWF), has sold a 1.53% stake in state-owned lender VakifBank, raising about ₺4.1 billion ($99.2 million) through an accelerated bookbuilding process to institutional investors abroad.
VakifBank said in a filing to the Public Disclosure Platform (KAP) that the shares were priced at ₺27.07 each, with settlement scheduled for Sept. 19, subject to standard closing conditions and to be completed off-exchange.
Merrill Lynch International, a U.S.-based investment management company, conducted the sale process as the sole global coordinator and bookrunner.
Following the transaction, TWF’s direct shareholding in VakifBank will fall from 74.79% to 73.26%, while the bank’s publicly traded free float will increase to 7.51%.
The fund also agreed to a 90-day lock-up period, under which it will not sell additional VakifBank shares except under customary exemptions or with the approval of the global coordinator.
Founded in 1954, VakifBank is one of Türkiye’s largest state-owned banks, with total assets of ₺4.5 trillion ($109 billion) as of the second quarter of 2025. The bank plays a central role in financing domestic economic activity, offering corporate, commercial, retail, and international banking services.
Shares of VakifBank, traded on Borsa Istanbul under the ticker VAKBN, fell more than 2.8% in Wednesday’s session following the announcement.
Meanwhile, TWF has apparently accelerated its funding efforts in recent weeks, also completing a $1 billion eurobond issuance in early September, with final yields of 7% for the shorter maturity and 7.75% for the 10-year tranche.
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