Turkey: Sovereign wealth fund to take over govt-owned insurers, pension firms
Source: Middle East Insurance Review | Feb 2020
Turkey’s sovereign wealth fund will take over insurance and pension companies owned by state lenders and consolidate them to increase their global competitive power, reported Reuters.
The Turkish Wealth Fund (TVF) said it expects to complete the plan in the first quarter of this year and that the move would contribute to operational efficiency.
The fund will take over companies, including Gunes Sigorta, Halk Sigorta and Ziraat Sigorta, as well as pension companies Halk Hayat, Ziraat Hayat and Vakif Emeklilik, according to stock exchange filings by the firms.
“We believe that Turkey’s insurance sector would have an independent and dynamic structure and its global competitive power would increase with the right structural steps,” TVF said in a statement.
The fund, worth around $50bn, was set up in 2016 by the government to develop and increase the value of Turkey’s strategic assets and provide resources for investment.
The government has previously transferred to the TVF state assets, including stakes in flag carrier Turkish Airlines, major banks and fixed-line operator Turk Telekom. M