Halkbank Gains on Report Wealth Fund Is Considering a Bid

Turkiye Halk Bankasi AS (HALKB), a state-run Turkish bank, rose after Vatan newspaper reported Mubadala Development Co. PJSC, a sovereign wealth fund of the Emirate of Abu Dhabi, is considering making a bid for the lender.

The shares gained 1.9 percent to 11 liras at 11:13 a.m. in Istanbul, outperforming the Turkish banking index, which declined 0.9 percent.

Mubadala officials have visited Turkey several times in the past six months and may be considering an offer of around $10 billion, Vatan reported citing unnamed banking officials.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net