İş Bankası signals possible sale of 10 pct stake in Avea

Speaking to reporters in İstanbul, Bali noted that there is still some time and that they will wait before moving forward with the sales plan. “We have not yet arrived at the circumstances necessary for a sale. So for now, we are going to wait to see the developments [on this front],” he said.

İş Bankası's 18.63 percent stake in Avea dropped to 10 percent because the bank did not take part in a share capital increase the majority shareholder of the company Türk Telekom -- Turkey's largest fixed line operator-- went ahead with following an extraordinary general board meeting in February. Bali also said it is yet not decided if the possible sale of its Avea stake is to be made to Türk Telekom. “There is no such discussion on who the buyer might be,” he said, adding that the bank will inform the public on the matter when there is more certainty about the company's next move.

İş Bankası has already initiated a process to sell assets that are not in the financial or banking sectors. As part of that process, Turkey's first private port Gemport and olive and olive oil producer Ant Gıda have been put up for sale. “We are going to arrive to a conclusion on the sale of Gemport soon,” Bali said at the meeting.