Grandchild of Turkish Akbank founder sells $83.15M in bank stocks

Turkish banking giant Akbank witnessed one of the largest stock sales in its history, amounting to ₺2.9 billion ($83.15 million), by Serra Sabanci, the granddaughter of the bank’s founder, Omer Sabanci.

As a result of the sale worth ₺2.9 billion, 0.91% of Akbank’s shares changed hands.

According to a statement filed with the Public Disclosure Platform (KAP), Serra Sabanci sold 47,404,570 shares owned by the Herakles Free Private Fund, in which she is an investor, through a private order method to institutional investors at a price of ₺61.75 per share.

The sale was completed with an approximate discount of 3.36% based on Akbank’s closing price of ₺63.90 on Wednesday.

Most recently, on September 30, 2024, Serra Sabanci transferred 14,561,020 shares of Akbank T.A.S. she owned to the Herakles Free Private Fund at ₺63.35 per share. The transfer was executed as part of portfolio management activities to explore various investment alternatives.