Privatization Of Vakifbank To End By June 2003

ANKARA - Vakifbank Director General Irfan Erciyas said on Thursday that privatization process of Vakifbank continued and it would be concluded by June 2003 under the letter of intent presented to the International Monetary und (IMF).
Responding reporters' questions about privatization of Vakifbank, Erciyas said that the process of first tender had been concluded but it could not finish as any bid had not been submitted, adding that the Council of Ministers decision was still valid and the process was underway.
''Under the letter of intent presented to the IMF, re-completion of this mission until June of 2003 is on the agenda. They continue working together with our counselor company Merril Lynch. The bank will be put up for sale again with the balance sheet as of December 31, 2002,'' he said.
Responding to a question, Erciyas said that seventy-five percent of Vakiflar Directorate General shares would be privatized.