(Bloomberg) -- Turkiye Is Bankasi AS will more than double its paid-in capital to 10 billion liras ($724 million), funded using extraordinary reserves, according to a public filing by the Istanbul-based bank.
The lender known as Isbank will distribute bonus shares to stake holders as part of the process to raise its capital from the current level of 4.5 billion liras, according to the filing dated Feb. 25.
Turkey Kicks Off Latest Round of Capital Injections in Banks (1)
Isbank's decision comes weeks after state-owned Turkish lenders announced similar steps in an effort to maintain credit growth and support Turkey's economy ahead of general elections scheduled for 2023. Regulators last month also advised banks against distributing dividends from profits in 2021, when a currency crash eroded lenders' cash buffers.
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