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Türkiye Sınai Kalkınma Bankası to hike capital

Türkiye Sinai Kalkinma Bankasi AS said Feb. 23 that it will increase its paid-in capital to 2.8 billion Turkish lira from 2.4 billion lira.

It said the capital hike, which remains subject to regulatory approvals, falls within the registered capital ceiling of 4.5 billion lira. It will be funded from the lender's 2017 profit and distributed to shareholders as bonus shares.

As of Feb. 23, US$1 was equivalent to 3.79 Turkish lira.