Turkey Wealth Fund Management Joint Stock Corporation agreed to acquire additional 89.18% stake in Halk Sigorta A.S. (IBSE:HALKS) from Türkiye Halk Bankasi A.S. (IBSE:HALKB) on December 13, 2019. Parties reached an agreement on April 22, 2020. The transaction, which is part of Turkey's sovereign wealth fund take over insurance and pension companies owned by state lenders and consolidate them, is expected to be completed in first quarter of 2020.

Caner Elmas and Eren Kursun of Baker & McKenzie LLP acted as legal advisor to Turkey Wealth Fund Management Company.