BGC Partners: AKBANK TO RAISE CAPITAL VIA 30% RIGHTS ISSUE
Akbank announced a rights issue to raise TL3bn… Akbank announced that the bank will raise its paid-in-capital by TL1.2bn (30% of existing PiC of TL4bn) but the pre-emptive rights will be used at TL2.5/share (rather than the typical TL1/share), indicating that the bank will raise TL3bn (c.US$555mn) via the rights issue. The TL3bn rights issue will increase the bank’s 3Q18-end equity by 7%. The rights issue would improve the bank’s capital ratios by c.80bps. Note that before BRSA forbearances, Akbank’s consolidated Tier-I ratio stood at 11.8% as at end-3Q18 and at 12.8% as at end-October 2018Akbank is a commercial bank. Co. operates in five segments: Retail banking offers a range of retail services, such as deposit accounts, loans, credit cards, insurance products and asset management services; Corporate and Small and Medium Size Enterprises banking provides financial solutions and banking services; Treasury Activities conducts regional and foreign currency spot and forward transactions, bonds and other domestic securities; Private banking offers banking and investment transactions for upper-income groups and the International banking provides services for foreign trade financing and Turkish Lira clearances, and money transfers through agent financial institutions.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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