Up to five power plants to be transferred to Turkey's planned energy fund -Garanti Bank executive
ISTANBUL, May 23 (Reuters) - Four or five Turkish power plants with a total of $1.5-2 billion problem loans are among projects to be transferred to a planned energy fund aimed at supporting banks' balance sheets, a Garanti Bank executive said on Thursday.
The banks will wait at least three years before selling companies that are transferred to the fund, state-owned Anadolu agency quoted Ebru Edin as saying.
Turkey announced last month that it would transfer some problem loans in the energy and construction sectors to two funds in order to help strengthen banks' balance sheets after a currency crisis last year hit companies' financials.
(Reporting by Ali Kucukgocmen Editing by Dominic Evans)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.