Turkey Wealth Fund buys 20% shares in finance firm

– Fund obtains shares of payment and card systems company, press release says

By Gokhan Ergocun

ISTANBUL (AA) – Turkey Wealth Fund (TWF) has made yet another investment in the finance sector, it said late on Wednesday.

TWF has bought 20% shares of Platform Ortak Kartli Sistemler A.S., which was established last September by three state-lenders — Vakif, Ziraat and Halkbank — for developing payment and card systems, according to a statement.

Last week, the fund purchased 10% shares of insurance company Gunes Sigorta, owned by Groupama Holding Filiales et Participations.

TWF was established in 2016 to boost the value of state-owned assets and contribute to strategic investments.

Among the companies in its portfolio are flag carrier Turkish Airlines, state lender Ziraat, Borsa Istanbul, and telecommunications giant Turk Telekom.