February 10 (SeeNews) - Turkey's sovereign wealth fund said that its subsidiary TVF Finansal Yatirimlar has agreed to buy a 10% stake in local insurance company Gunes Sigorta AS [IST:GUSGR] from French insurer Groupama Holding Filiales et Participations.
The agreed investment is in line with a plan aimed at consolidating public insurance companies that was announced in December, the Turkey Wealth Fund (TVF) said in a statement on Friday.
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Gunes Sigorta's main shareholder is state-controlled lender Turkiye Vakiflar Bankasi T.A.O., which owns a stake of about 61% stake through direct and indirect shareholding, according to data by Gunes Sigorta.