Unknown Turkish Bank Rises 560% in a Month on Bare Hope: Chart

(Bloomberg) -- Turkiye Kalkinma Bankasi, founded as a local development bank, wasn’t an exciting government institution until Turkey’s finance and economy minister Berat Albayrak said it will be restructured with a new mandate. The details of how the lender will be utilized to bolster growth hasn’t been announced, which didn’t stop hopeful investors from flocking into the stock, causing the price to limit-up in seven consecutive days to gain 560% in a month. The market cap of the lender, which only made net income of 128.3 million liras ($20.8 million) last year, surpassed its peer Yapi ve Kredi Bankasi AS that made over 30 times in profits during the same period, becoming the country’s sixth largest.

To contact the reporter on this story: Fercan Yalinkilic in Istanbul at fyalinkilic@bloomberg.net

To contact the editors responsible for this story: Mark Evans at mevans8@bloomberg.net, Eric Coleman, Cagan Koc

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