The General Directorate of Foundations of Turkey initiated the transfer of Türkiye Vakıflar Bankası TAO shares that it holds to the Turkish Ministry of Treasury and Finance.

The directorate will transfer group A and group B shares representing a respective 43% and 15.51% stake in the bank to the ministry.

The transfer was initiated after a presidential decree on the matter was issued Dec. 3.

The process is expected to be completed in the week of Dec. 9.