Halkbank launches global roadshow for secondary share sale despite fund market turmoil

Halkbank, Turkey’s third-largest state-owned bank, has begun an investor roadshow for a secondary share sale, according to General Manager Süleyman Özdil. The bank has already held meetings with nearly 60 potential investors across Abu Dhabi, Dubai, London and New York, reporting strong interest despite recent turmoil in the local investment-fund market. In August, Halkbank filed with the Türkiye Capital Markets Board to increase its nominal capital by TL 1.8 billion, aiming for a total of TL 9 billion, a move that follows the dismissal of a U.S. sanctions-evasion case from 2019. Özdil said the offering will launch at the earliest opportunity, subject to market conditions, but gave no details on size or timing.

One outlet calculations suggest the sale could raise roughly $1.7 billion at current prices. Investors appear confident that the banking sector remains robust and that valuations are cheap, seeing it as a prime avenue for exposure to Turkey. The broader market has been hit by a fund crisis that pushed the main share index into a bear market and prompted regulators to liquidate dozens of funds and probe possible market manipulation.