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

(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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