Page 48 - TURKRptFeb20

"In other words," said Tuzun, "as I shall show below, foreign ownership has increased not because of Finansbank ,but due to actual foreign inflows. The next chart is based on the foreign ownership data of the six major banks (Akbank, Garanti Bank, Halkbank, Isbank, Vakifbank and Yapi Kredi Bank)."
He added: "This is the ‘true’ version of the foreign ownership in the listed banks space. Accordingly, the foreign institutional positioning in Turkish banks has increased back to its recent peaks. This is partly due to the increase in Akbank’s foreign ownership after the sale of a stake by a Sabanci family member. However, there has been a decent increase across the board in all the banks. As a result of this increase in foreign ownership, the banking index has seen a material rally in January. In fact, it is the best performer YTD in the EM space. Given that foreign institutional ownership has reached its recent highs, any further rally from here might run out of steam in the short term.”
48 TURKEY Country Report OUTLOOK 2020 www.intellinews.com