Tiny Bank Becomes Turkey's Largest, But Not for Long: Chart

Shares in tiny Turkiye Kalkinma Bankasi AS jumped by the maximum legal limit for the 10th consecutive day on Thursday morning, sending the Turkish development lender’s market cap to 30 billion liras ($5 billion), making it equal to the country’s largest listed bank, Turkiye Garanti Bankasi AS. But a run that earned investors a 1,000 percent return in a month petered out on Thursday afternoon when the shares dropped 20 percent, the maximum legal limit in the other direction. A much-anticipated government announcement of its new mandate before trading hours has made the lender exempt from many of the country’s banking regulations.