Turkish lender Sekerbank TAS (SKBNK) jumped the most in more than four years after BTA Bank JSC (BTAS) of Kazakhstan said it expects to complete an agreement to sell its 34 percent stake for $166 million “very soon.”
Sekerbank climbed as much as 13 percent, the most since November 2008, to 99 kurus and traded up 5.7 percent at 93 kurus as of 4:48 p.m. in Istanbul.
BTA will sell the Sekerbank stake to Kazakhstan’s national wealth fund Samruk-Kazyna, the bank said in a presentation published on its website.
The deal values the Turkish bank at $488 million. Its current market value is 910 million liras ($492 million) according to data compiled by Bloomberg.
The sale announcement comes as BTA’s capital shortfall is expected to reach $5.1 billion by the end of the year, according to the presentation.
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