ISTANBUL
The Turkey Wealth Fund (TWF) acquired all shares of public insurance companies for 6.54 billion Turkish liras ($936.7 million) to consolidate them under a single roof, the fund said late Wednesday.
The consolidation was a project of the Treasury and Finance Ministry which was announced in December to raise the country’s domestic savings rate and grow the non-banking financial services sector, it noted in a press release.
As part of the project, the fund bought shares of Gunes Sigorta, Halk Sigorta, Ziraat Sigorta, Vakif Emeklilik ve Hayat, Halk Hayat ve Emeklilik and Ziraat Hayat ve Emeklilik.
“As the Turkey
Read more: Turkey Wealth Fund consolidates public insurance firms
