The Türkiye Wealth Fund, known as TVF, has announced that share transfer agreements were signed for Ziraat Participation Bank and Halk Participation Bank to be brought under TVF Participation Finance Investments, a wholly owned TVF subsidiary. According to TVF’s announcement dated October 9, 2026, the contracts were signed on October 7. The fund aims to complete the transfers by the end of 2026, subject to the required legal and regulatory approvals.
Contracts complete the first stage
TVF described the agreements as the first completed stage in a plan to consolidate state-owned participation finance institutions under one umbrella. Its statement said TVF Participation Finance Investments would acquire the shares in the two institutions for consideration. The signing, however, does not mean the transfers have already closed. TVF explicitly said the transactions remain dependent on processes before the relevant regulatory authorities.
A disclosure by Ziraat Bank on Türkiye’s Public Disclosure Platform, or KAP, separately confirmed the Ziraat Participation side of the process. According to that filing, Ziraat Bank’s board resolved to carry out the necessary procedures to transfer its 99.99% holding in Ziraat Participation Bank to TVF Participation Finance Investments. The bank also said it had applied to the relevant regulator for the approvals and permissions required under applicable legislation.
End-2026 completion target
TVF said it intends to complete the transfers by the end of 2026 after obtaining the necessary approvals. That date is a target, not confirmation that the deal has closed. The official material does not state that the two banks have already legally merged. At this stage, the confirmed development is the signing of share transfer agreements and the start of the regulatory process.
Bloomberg HT and Anadolu Agency reported the same core elements in separate coverage. Both said the agreements cover the transfer of shares in Ziraat Participation and Halk Participation and that completion is planned after legal and regulatory clearances. Their reports also highlighted the end-2026 target stated by TVF.
What TVF says the restructuring is designed to achieve
TVF linked the planned structure to goals including increasing the capacity and competitiveness of state-owned participation finance institutions, strengthening the participation finance ecosystem and expanding its share within Türkiye’s financial markets. These are the objectives stated by the fund. The announcement did not quantify the expected effect on market share, branch networks, staffing or customer contracts.
The available statements also did not specify whether the two banks’ brands will change, how their management structures might be reorganised or what technical steps a later operational integration would require. For that reason, the development should be assessed only within the disclosed framework: signed share transfer contracts, pending approvals and a stated completion target.
A share transfer is not yet an operational merger
The language in the official documents focuses on moving ownership under TVF Participation Finance Investments. It does not say that the banks’ operations have immediately been merged into a single legal entity. No change to branding, licences, balance sheets or customer accounts has been announced, so those outcomes should not be assumed.
The KAP filing specifically details Ziraat Bank’s board decision and its regulatory application concerning the Ziraat Participation stake. TVF’s broader announcement is the source for the overall plan involving Halk Participation. The public documents do not provide a transaction value, a final closing date or a detailed sequence for the approvals.
In practical terms, the announcement marks a concrete contractual step toward placing the two public participation banks under a common investment holding structure. The decisive next stage will be the review and approval process conducted by the relevant authorities. TVF’s current timetable aims for the share transfers to be completed before the end of 2026, with any final outcome requiring further official confirmation.
