Turkey's sovereign wealth fund to take over insurance firms
Wednesday, 12 18 2019, Category: Insurance and Reinsurance, Country: Turkey
Turkey’s sovereign wealth fund will take over insurance and pension companies owned by state lenders and consolidate them in an effort to increase their global competitive power, it said on Friday.
The Turkish Wealth Fund (TVF) said it expected to complete the plan in the first quarter of next year and that the move would contribute to operational efficiency.
“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,” it said in a statement.