Bloomberg News

Turkey Stocks: Akbank, Denizbank Shares Active in Istanbul

May 28, 2012

Turkey’s benchmark ISE National 100 Index (XU100) rose 0.1 percent to 54,843.93 at the close in Istanbul, snapping three days of losses.

The following shares were active. Stock symbols are in parentheses.

Akbank TAS (AKBNK) , Turkey’s second-biggest bank by market value, fell for a sixth day, dropping 2.2 percent to 5.32 liras, its lowest level since July 2009. Citigroup Inc. said on May 25 it sold a 10.1 percent stake in the lender for 5.24 liras per share.

Denizbank AS (DENIZ) , the Turkish lender owned by Belgium’s Dexia SA (DEXB), plunged 10 percent to 12.75 liras, the lowest since April 3, following its biggest drop on record on May 25 after Dexia entered exclusive negotiations with Russia’s OAO Sberbank (SBER) to sell the unit. Sberbank may agree to pay as much as 1.5 times Denizbank’s book value, said one person close to the deal, who declined to be identified as the process is private. Denizbank currently trades at 1.9 times book value, according to data compiled by Bloomberg.

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


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