Turkey Wealth Fund, Güneş Sigorta AŞ, Halk Sigorta AŞ, Ziraat Sigorta AŞ, Vakıf Emeklilik ve Hayat AŞ, Halk Hayat ve Emeklilik AŞ and Ziraat Hayat ve Emeklilik AŞ shares belonging to public banks and other related parties, which are the subsidiaries of Turkey Wealth Fund. It was announced that it was acquired by TVF Financial Investments Inc.
According to the statement made by the Turkey Wealth Fund, the following statements were made regarding the project of merging public insurance companies under one roof:
“As the Turkey Wealth Fund, in the press release we made on December 13, 2019, we announced that public insurance companies, which are a part of the reforms planned in the insurance and private pension sector within the framework of the New Economy Program of the Ministry of Treasury and Finance of the Republic of Turkey, in order to increase the savings base of the Turkish economy and develop the non-banking financial sector, will be under one roof. As of today, we have announced our project to merge the shares of Güneş Sigorta AŞ, Halk Sigorta AŞ, Ziraat Sigorta AŞ, Vakıf Emeklilik ve Hayat AŞ, Halk Hayat ve Emeklilik AŞ and Ziraat Hayat ve Emeklilik AŞ, which belong to public banks and other relevant parties. “It was acquired by TVF Finansal Yatırımlar AŞ. Details regarding the transactions are included in the Public Disclosure Platform statements made by T.R. Ziraat Bankası AŞ, Türkiye Halk Bankası AŞ, Türkiye Vakıflar Bankası TAO and the above-mentioned insurance companies.”
While it was emphasized that the first phase of the project of merging public insurance companies under one roof was completed with the step taken, the following was stated:
“We have taken over the shares of public-owned insurance companies belonging to public banks and other relevant parties with a total investment of 6.54 billion TL. As we have stated before, we set out this project with the aim of bringing our insurance sector to a more dynamic and strong structure, adding capital to Turkey’s strategic investments.” “We consider this as a strong move in line with our mission of providing financial security and supporting recovery and deepening in financial markets. We will continue to inform the public about the developments within the scope of the project.”
