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Turkey’s Akbank to increase capital to 5.2 billion lira from 4 billion lira

moutasem quffa by moutasem quffa
December 5, 2018
in business
0
FILE PHOTO: Akbank headquarters is seen at the business and financial district of Levent in Istanbul, Turkey September 7, 2017. REUTERS/Osman Orsal

FILE PHOTO: Akbank headquarters is seen at the business and financial district of Levent in Istanbul, Turkey September 7, 2017. REUTERS/Osman Orsal

(Reuters) – Turkey’s Akbank <AKBNK.IS> decided to increase its capital by 30 percent to 5.2 billion lira through a rights issue, the lender said in a stock exchange filing on Wednesday.

The company will receive 3 billion lira ($558 million) total proceeds from the issue, a fund to be used to improve its capital base and solvency ratios.

The funding will also be used to increase resilience against potential market volatility and unforeseen asset quality deterioration, the bank said in a statement.

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