Finance Isbank to free up subsidiaries for future listings By Reuters August 29, 2023, 5:42 AM Reuters/Murad Sezer Isbank shares soared more than 8 percent after the Turkish bank announced it would transfer shares in its subsidiaries Turkish lender Isbank is demerging to free up its subsidiaries to be listed in the future – the plan allows the bank to use its equity more effectively, chief financial official Gamze Yalcin said on Monday. The bank’s shares soared more than 8 percent to a record high after it earlier announced it would transfer shares in its subsidiaries and an affiliate to a new company. Yalcin said the demerger would pave the way to boost shareholder value given what she said was an evident discount in the bank’s share price. Turkey’s central bank likely to hike policy rate to 20% Turkey gets $100m US loan for quake zone development Turkey’s interest rate hike to 25% sparks lira rally About 75 percent of Isbank’s 150 subsidiaries were operating in the regulated financial sector, deputy chief executive Cahit Cinar said, adding there would be more investments in the industrials sector. “Taking increased regulation and this concentration into account, we expect the new holding company will increase our concentration in the non-financial sector,” he said. Isbank’s largest industrial holding is Sisecam, one of Europe’s largest glassmakers.