REG - Turkiye Vakiflar Ban - Bill regarding Amendments to Banking Law etc <Origin Href="QuoteRef">VAKBN.IS</Origin>

Turkiye Vakiflar Bankasi TAOAnnouncement

10/11/2014 09:22

RNS Number : 3334W
Turkiye Vakiflar Bankasi T. A. O.
06 November 2014
To : Investors

From : Trkiye Vakflar BankasT.A.O. - Investor Relations

Tel : (90-212) 316 7120

Fax : (90-212) 316 7126

e-mail : investorrelations@vakifbank.com.tr
Subject: Submission to The Grand National Assembly of Turkey of the draft "Bill regarding Amendments to the Banking Law and Certain Laws and Decrees"
Date: 6 November 2014
On 20October 2014, a draft of the "Bill regarding Amendments to the Banking Law and Certain Laws and Decrees" (the "Draft Bill") was presented by the Council of Ministers to The Grand National Assembly of Turkey.
The Draft Bill, if adopted, would stipulate the conditions regarding a transfer to the Turkish Treasury of the shares of Trkiye Vakflar BankasT.A.O. ("Vakfbank") that are held by foundations managed and represented by the General Directorate of Foundations (Vakflar Genel Mdrl). This transfer would be facilitated by related proposed amendments to the "Law Establishing Trkiye Vakflar Bankas Turkish Joint Stock Company" (the "VakfBank Law"). In addition, the proposed amendments provide the Vakfbank Pension Fund (which holds ClassC shares), certain foundations holding ClassB shares and other individuals and legal entities holding ClassC shares the right to apply to Vakfbank for the Turkish Treasury to acquire such shares. Should these amendments be adopted in their current form, Vakfbank would become directly controlled by the Turkish Treasury.
Furthermore, the Draft Bill would amend the Turkish "Banking Law" (Law No.5411) to introduce a legislative framework for the establishment of participation banks by state-controlled banks, including Vakfbank.
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.

This information is provided by RNS
The company news service from the London Stock Exchange
  END
ISELIFSALDLRIIS