The Law No. 7583 Amending Certain Laws (the “Omnibus Law”), published in the Official Gazette dated 4 June 2026 and numbered 33270, introduced a new asset repatriation regime. The regime aims to encourage the inclusion in the economy of cash, foreign currency, gold, shares, bonds, other capital market instruments and securities located in Türkiye or abroad that are not recorded in statutory books. Under the new rules, such assets must be declared by 31 July 2027. The President has been granted the authority to extend this deadline for up to one year in six-month increments.

Assets located abroad must be transferred to a bank or intermediary institution in Türkiye within two months following the declaration. Reduced tax rates ranging from 0% to 4% will apply where taxpayers undertake to maintain the declared assets for specified periods in time-deposit accounts, Turkish government domestic debt securities, lease certificates (sukuk) or venture capital investment funds. The applicable rate will depend on the duration of the commitment. In the absence of any such commitment, a tax rate of 5% will apply. In addition, declarations made between 1 January and 31 July 2027 will be subject to an increase of 0.5 percentage points on the applicable rates.

The legislation further provides that no tax audit or tax assessment will be conducted in respect of assets declared under the new asset repatriation regime. However, the asset repatriation tax paid may neither be treated as a deductible expense nor credited against any other tax liability. In addition, except where the declared assets are contributed to the company’s share capital, such assets may not be withdrawn from the business for two years following the declaration.

The Omnibus Law allows privately held companies holding a Tech Startup Badge to raise investment through convertible notes.

Under the new framework, the relevant provisions of the Turkish Commercial Code No. 6102 will not apply to conditional capital increases implemented in connection with such financing arrangements. This financing model, which has long been widely used in international venture capital investments, is expected to facilitate the more efficient structuring of early-stage investments and further align Türkiye’s venture capital ecosystem with international market practices. Further details regarding the operation of the conversion mechanism, its tax implications and the applicable implementation procedures are expected to be clarified through secondary legislation.

The Communiqué Amending the Communiqué on Supporting the Conversion of Companies’ Foreign-Sourced Foreign Currency into Turkish Lira (No. 2023/5) (No. 2026/8), issued by the Central Bank of the Republic of Türkiye, was published in the Official Gazette dated May 1, 2026 and numbered 33240 and entered into force.

Under the amendment, the application period of the 3% foreign exchange conversion support has been extended until 31 July 2026. The support is available to companies that undertake not to purchase foreign currency and sell their foreign-sourced foreign currency to the Central Bank through banks, as part of the measures aimed at encouraging the conversion of foreign-sourced foreign currency into Turkish lira.

On 3 April 2026, Borsa İstanbul published amendments to the Procedure on Determining the Theoretical/Reference Prices of Shares in Corporate Actions, aimed at further aligning its practices with international standards. The amendments entered into force on April 6, 2026.

Under the amendments, the principles governing the determination of theoretical prices in capital reductions were reorganized under two categories, depending on whether the relevant transaction changes the number of shares held by shareholders. Accordingly, no price adjustment will be made for capital reductions that do not affect the number of shares held by shareholders, and the shares’ latest closing price will be used as the theoretical price. In contrast, the existing theoretical price calculation method will continue to apply to capital reductions that result in a change in the number of shares held by shareholders.

Borsa İstanbul stated that the amendments are intended to make the determination of theoretical prices in capital reductions clearer and more predictable, while further strengthening alignment with international market practices.

The Communiqué Amending the Communiqué on Reserve Requirements (No. 2013/15) (No. 2026/9), issued by the Central Bank of the Republic of Türkiye, was published in the Official Gazette dated May 23, 2026 and numbered 33262 and entered into force.

Under the amendment, the 2% ratio set out in the first paragraph of Provisional Article 17 of the Communiqué has been reduced to 1%. The amendment became effective upon publication.

The Central Securities Depository of Türkiye (“CSD”) announced the launch of the Crypto Asset Central Registry System (“CACRS”), which has been developed to integrate crypto asset information that is not maintained within a centralized registry structure into the CSD system.

Under the KVMKS framework, customer balances and transaction data submitted by crypto asset service providers—including trading, transfer, deposit, withdrawal and custody transactions—will be centrally recorded. A total of 53 institutions—comprising seven custody service providers and 46 platforms currently included in the Capital Markets Board’s list of operating crypto asset service providers—have completed the integration process. In addition, investors will be able to monitor crypto asset records and transactions reported to the CSD through the e-INVESTOR application.

The CSD announced the launch of the Central Document Management System (“CDMS”), developed to expedite and facilitate the account-opening process for non-resident investors in the Turkish capital markets.

Through the CDMS, non-resident investors will be able to submit the documents required to open investment accounts digitally and directly to the relevant investment institutions. The system is intended to accelerate account-opening procedures, reduce the use of physical documents, and enable the documents required by the relevant institutions to be shared through a centralized platform.

The Banking Regulation and Supervision Board granted an establishment permit to Dost Katılım Bankası A.Ş.

According to the decision published in the Official Gazette, the bank’s founding shareholders include BİM Birleşik Mağazalar A.Ş., Desto Atık Yönetimi A.Ş., Dost Global Danışmanlık A.Ş., GDP Gıda Paketleme Sanayi ve Ticaret A.Ş., and ES Global Gıda Sanayi ve Ticaret A.Ş., and its initial capital has been set at TRY 10 billion.

For the first time in Türkiye, the Capital Markets Board (“CMB”) granted banks operating licenses to provide crypto asset custody services. Accordingly, Akbank T.A.Ş. (“Akbank”), T. Garanti Bankası A.Ş. (“Garanti BBVA”), and Yapı ve Kredi Bankası A.Ş. (“Yapı Kredi”) became the first banks authorized to operate as crypto asset custody service providers.

A Board Decision of the Public Oversight, Accounting and Auditing Standards Authority, published in the Official Gazette dated May 9, 2026 and numbered 33248, amended the thresholds for large enterprises set out in Article 5 of the Financial Reporting Standard for Large and Medium-Sized Enterprises (“FRS for LMEs”), issued pursuant to Article 9 of Decree-Law No. 660.

Under the amendment, the total assets threshold used to determine whether an entity qualifies as a large enterprise under the FRS for LMEs was increased from TRY 800 million to TRY 1 billion, while the annual net sales revenue threshold was increased from TRY 1.6 billion to TRY 2 billion. The existing rule that an entity will qualify as a large enterprise in the following reporting period if it, together with its subsidiaries and affiliates, exceeds at least two of the three applicable thresholds for two consecutive reporting periods remains unchanged, with only the monetary thresholds having been updated.

The Board Decision stated that the amendments aim to preserve the “Think Small First” approach underlying the FRS for LMEs and enable medium-sized enterprises to prepare their financial statements at minimum cost. The amendments will apply to accounting periods beginning on or after January 1, 2026.

The General Letter No. 1055 dated December 12, 2025 introduced a requirement for persons designated as users of the Public Disclosure Platform (“PDP”) to hold a PDP User Certificate and required existing users to complete the relevant training and obtain the certificate by June 15, 2026.

Under General Letter No. 1070 dated June 12, 2026, the deadline for existing PDP users to obtain the certificate was extended, on a one-time basis, until August 14, 2026, to prevent any disruption to public disclosure processes. Users who fail to complete the required training and obtain their certificates by this date will have their PDP access authorizations revoked and will no longer be able to access the system.

No extension was granted for persons who will be newly registered as PDP users. Accordingly, the requirement that persons who do not hold a PDP User Certificate may not be designated as new users of the system as of June 15, 2026 will remain applicable.

The Ministry of Trade published the Türkiye E-Commerce Outlook Report on May 12, 2026. According to the report, Türkiye’s e-commerce volume increased by 52.2% year over year to TRY 4.57 trillion in 2025, while the number of transactions reached 5.94 billion. During the same period, retail e-commerce volume increased by 51.8% to TRY 2.46 trillion, while the number of retail e-commerce transactions reached 1.94 billion.

The report indicates that Türkiye’s e-commerce ecosystem has maintained its strong growth momentum in recent years. Between 2019 and 2025, the compound annual growth rate of overall e-commerce volume was 79.6%, while that of retail e-commerce volume was 83.7%. In US dollar terms, e-commerce volume increased from USD 23.94 billion in 2019 to USD 115.43 billion in 2025, representing a total increase of 382%. In 2025, e-commerce accounted for 6.9% of gross domestic product and 19.3% of total commerce.

As of 2025, the number of businesses engaged in e-commerce activities in Türkiye had increased to 634,611. Sole proprietorships accounted for 75% of e-commerce businesses, limited liability companies for 21%, and joint stock companies for 4%. The food sector ranked first in the sectoral breakdown, with a share of 20.3%, followed by clothing, footwear and accessories at 13.8%, electronics at 11.9%, and home, garden, furniture and decoration at 10.5%. Clothing, footwear and accessories accounted for the largest share of e-commerce volume, at TRY 428.7 billion.

According to the report, card payments were the most commonly used payment method in e-commerce, accounting for 62.5% of payments. Bank transfers and EFT payments accounted for 29.2%, cash on delivery for 3.5%, and other payment methods for 4.8%. The report also stated that 64.1% of card payments were made using 3D Secure authentication.

Quick-commerce volume increased by 55.6% to TRY 388.7 billion in 2025, accounting for 8.5% of total e-commerce volume.

The Payment and Electronic Money Institutions Association of Türkiye (“TÖDEB”) presented its Sectoral Sustainability Guide for payment and electronic money institutions as part of the event titled “Sustainability in the Payments Sector: Understanding Today, Shaping Tomorrow”.

The guide aims to support payment and electronic money institutions adopt a responsible, transparent, and reliable approach that takes into account the environmental, social, and governance impacts of their activities. The guide addresses various topics under environmental sustainability, including resource efficiency, energy management, green procurement, digital footprint management, waste management and carbon management. Under social sustainability, it covers financial inclusion, accessibility, employee well-being, diversity, customer trust, digital literacy and social contribution.

Under the governance heading, the guide sets out key principles relating to ethics, transparency, accountability, data security, privacy, compliance, and risk management. It is intended to establish a common understanding of sustainability and a shared implementation framework across the sector.

Borsa İstanbul A.Ş. (“Borsa İstanbul”) announced that it had been designated a “Recognized Stock Exchange” by His Majesty’s Revenue and Customs in the United Kingdom.

This status provides various benefits for certain capital markets transactions under UK tax legislation and facilitates access by UK-based investors to capital markets instruments traded on Borsa İstanbul. Borsa İstanbul stated that the development was expected to contribute to expanding its international investor base and increasing the global visibility of the Turkish capital markets.

The merger between Vakıf Enerji ve Madencilik A.Ş. and Vakıf Pazarlama Sanayi ve Ticaret A.Ş. has been completed.

As part of the transaction, Vakıf Enerji ve Madencilik A.Ş. was acquired by Vakıf Pazarlama Sanayi ve Ticaret A.Ş. together with all its assets and liabilities. The transaction was completed by merging the acquired company into the acquiring company without liquidation.

The merger is intended to consolidate the relevant operations under the acquiring company and streamline the group’s corporate structure.

İstanbul Financial Center and Casablanca Finance City signed a strategic cooperation agreement to strengthen financial relations among Türkiye, Morocco, and Africa.

Under the agreement signed at İstanbul Financial Center, the two financial centers aim to develop joint projects in green and digital finance, increase mutual investment opportunities among financial institutions, and establish academic training programs.

The cooperation also envisages joint promotional activities targeting financial institutions, regional headquarters of multinational companies, holding companies, and professional service providers.

Casablanca Finance City stated that the trade volume between Türkiye and Morocco reached USD 5 billion in 2025 and that the cooperation was expected to help strengthen financial ties between Türkiye and Africa.

According to the 2025 Annual Industrial Product Statistics (“PRODCOM”) published by the Turkish Statistical Institute, total sales generated by industrial enterprises from their own production reached TRY 24.0287 trillion in 2025. Food products accounted for the largest share of total sales at 15.5%, followed by basic metals at 10.2% and motor vehicles, trailers, and semi-trailers at 9.7%.

The report further indicated that high-technology products accounted for 3.6% of the total sales value in the manufacturing industry, while medium-high-technology products accounted for 28.8%. The figures indicate that high-value-added production continues to represent a limited share of Türkiye’s total manufacturing output.

Following discussions held between the Public Oversight, Accounting and Auditing Standards Authority and the Chamber of Auditors of Azerbaijan from April 27 to 30, 2026, the parties agreed to establish the Union of Accountants and Independent Auditors of Turkic States.

The initiative is intended to promote the harmonization of financial reporting, independent auditing, and audit oversight among Turkic states. The Union is expected to be formally established in Baku on September 16, 2026. It aims to develop common standards, establish mutual recognition mechanisms for auditor authorization, and facilitate joint work on digital auditing practices.

By its Principle Decision No. 34/1044 dated June 4, 2026, the CMB amended the principles governing the calculation of the free-float ratios of companies whose shares are traded on the Borsa İstanbul Equity Market.

Under the amendment, a new exception has been introduced regarding the shares excluded from the free-float calculation. Accordingly, where persons whose shares are excluded from the free float hold units in hedge funds or private funds, the portion of the issuer’s shares corresponding to those persons’ ownership percentage in the relevant fund must also be excluded from the free-float calculation.

The CSD will calculate the number and percentage of free-float shares on a daily basis in accordance with the amendment as of June 15, 2026.

The Turkish Capital Markets Association (“TCMA”) announced, through General Letter No. 943 dated May 20, 2026, the CMB’s decision regarding requests concerning the capital adequacy requirements applicable to portfolio management companies.

The CMB rejected the request to extend the deadline for compliance with the revised minimum capital and capital adequacy requirements from June 30, 2026 to December 31, 2026. It also rejected a proposal to establish an alternative methodology for revaluing the relevant amounts.

The CMB further stated that, if a portfolio management company fails to satisfy the minimum paid-in capital or capital adequacy requirements as of June 30, 2026, the necessary measures must be taken without delay. Any capital increases intended to remedy such non-compliance must be completed within one month following the identification of the relevant non-compliance.

By its Decision No. 37/1118 dated June 17, 2026, the CMB amended the Guidelines on Investment Services and Activities and Investment Institutions and established new rules governing banks’ activities involving the transmission of orders to overseas markets.

Under the decision, deposit and participation banks may not provide order transmission services for shares, equity-based derivatives, or equity index-based derivatives traded abroad. However, they may assist customers wishing to carry out such transactions in opening accounts with CMB-authorized brokerage firms and transmit their orders to such institutions.

The CMB also announced that transactions involving exchange-traded funds listed on foreign exchanges will not fall within the scope of these restrictions, without prejudice to its previous decision concerning spot or derivative transactions based on crypto assets. Investment institutions may conduct such transactions under the provisions governing order transmission or dealing on behalf of clients.

The amendment limits the role of deposit and participation banks in providing direct access to overseas capital markets and requires the relevant transactions to be conducted through authorized investment institutions.

The Communiqué Amending the Financial Crimes Investigation Board General Communiqué (Serial No. 5) (Serial No. 31), issued by the Financial Crimes Investigation Board (“MASAK”), was published in the Official Gazette dated January 7, 2026 and numbered 33130. The amendments update the customer onboarding and identity verification requirements and clarify the procedures applicable to certain transactions.

The amendment expanded the circumstances in which simplified due diligence measures may not be applied by including cases where the customer is a foreign politically exposed person. It also eased the requirements for insurance companies regarding separate identity verification and the collection of specimen signatures in connection with claim and compensation payments made to third parties, subject to certain conditions.

The Communiqué also requires identity information to be verified through a bank or credit card account held in the customer’s name for certain activities involving electronic customer onboarding. In addition, it introduced specific customer identification procedures for bank accounts opened at the request of public institutions and agencies for mandatory payments.

The Communiqué amending the Financial Crimes Investigation Board General Communiqué (Serial No. 19) (Serial No. 32) (the “Communiqué”), published in the Official Gazette dated June 27, 2026 and numbered 33293, introduced new rules governing remote identification processes carried out by obliged parties.

The amendment establishes the general principles applicable to the remote identification of non-Turkish natural persons. Under the new rules, obliged parties may remotely identify non-Turkish natural persons using passports that comply with International Civil Aviation Organization (“ICAO”) Standard No. 9303 and equipped with near-field communication capabilities. The identification process must be conducted through a video call by personnel specifically trained in passport-based remote identification. Artificial intelligence-based applications satisfying certain conditions may also be used for liveness checks or facial image comparisons.

Under the new rules, the identity information stored on the passport chip must be verified against the information displayed on the passport through near-field communication. If this verification cannot be completed, a business relationship may not be established through remote identification. In addition, address information obtained during remote identification must be verified within three months through specified documents or publicly accessible databases maintained by the relevant country. No money transfers or cash withdrawals may be made until such verification has been completed.

Institutions onboarding customers under these rules must prepare an implementation guide covering their risk management and monitoring and control activities and notify MASAK of such guide within one month following the commencement of customer onboarding. Obliged parties may not onboard nationals of countries they have classified as high risk through remote identification procedures.

Customers onboarded through this method must be classified as high risk and made subject to appropriate monitoring and control measures. Their identity information must also be verified by transferring funds from a domestic or foreign bank account, bank card, or credit card consistent with the customer’s identity information. Moreover, accounts opened through this method may only receive funds from foreign bank accounts held in the same customer's name, and outgoing international transfers may only be made to bank accounts held in the same customer's name.

The Communiqué also provides that, when legal entities registered with the trade registry are remotely identified, non-Turkish natural persons authorized to represent those entities may be identified under the same principles. The Communiqué entered into force on the date of publication.

Türkiye Emlak Katılım Bankası A.Ş. (“Emlak Katılım”) and the Islamic Corporation for the Development of the Private Sector (“ICD”), a member of the Islamic Development Bank Group, signed a four-year, USD 30 million financing agreement intended to increase access to participation finance for small and medium-sized enterprises (“SMEs”) operating in Türkiye. The transaction was reportedly ICD’s first thematic financing agreement in Türkiye and is intended to support SMEs’ growth and investment activities.

According to the announcement, 50% of the financing will be allocated to projects aligned with the United Nations Sustainable Development Goals. Priority areas will include increasing employment, strengthening climate resilience, facilitating access to essential services, and supporting sustainable infrastructure investments.

DenizBank A.Ş. (“DenizBank”) secured a USD 810 million water-focused blue syndicated loan as part of its sustainable finance activities. The financing, provided in U.S. dollars, euros and Chinese yuan with maturities of up to three years, was completed through the renewal of the bank’s existing syndicated loan at a rate of 134%. The transaction, which involved the participation of 42 banks from 20 countries, was described as the first blue syndicated loan in Türkiye and the largest blue syndicated loan arranged by a commercial bank globally.

The proceeds are expected to be used, in accordance with DenizBank’s Sustainable Finance Framework, to finance projects contributing to the protection and efficient use of water resources, including blue urban infrastructure, efficient irrigation systems, wastewater management, sustainable fisheries, and sustainable tourism.

QNB Bank Anonim Şirketi (“QNB Türkiye”) renewed its sustainability-linked syndicated loan, increasing the facility from USD 200 million to USD 400 million through one-, two- and three-year tranches.

The transaction attracted approximately USD 900 million in demand and was supported by 46 banks from 21 countries. Commercial Bank of Dubai PSC, Emirates NBD Capital Limited, and Mizuho Bank Ltd. acted as coordinators, while Mizuho Bank Ltd. and Standard Chartered Bank acted as sustainability coordinators.

QNB Türkiye secured USD 320 million in new financing under its securitization program backed by remittance flows and export receivables.

The transaction, which involved Japanese and European banks and international development institutions, was structured with maturities of up to ten years. Following the transaction, the bank’s total securitization funding in 2026 reached USD 700 million.

Of the total financing, USD 51 million was structured as sustainable financing and may be used to finance renewable energy, energy efficiency, green building investments, low-carbon production processes, and blue projects.

Türkiye Vakıflar Bankası Türk Anonim Ortaklığı (“VakıfBank”) entered into a EUR 1.5 billion loan agreement with international financial institutions.

The financing, which has a 10-year maturity, was provided under the counter-guarantee of the Ministry of Treasury and Finance and the partial guarantee of the International Bank for Reconstruction and Development, a member of the World Bank Group. The transaction was described as one of the largest development finance transactions completed in the Turkish banking sector..

VakıfBank stated that the proceeds would be used to support employment, particularly among women and young people, promote women and young entrepreneurs, strengthen economic activity in earthquake-affected regions and support production in provinces prioritized for development.

The bank also announced that the financing would be directed toward areas supporting sustainable and inclusive growth as part of its “Development-Oriented Value Banking” approach.

VakıfBank completed a USD 1.3 billion securitization transaction with Apollo under its Diversified Payment Rights (“DPR”) program. Structured with a five-year principal grace period and a final maturity of 12 years, the transaction was the largest and longest-tenor DPR transaction completed with a single investor in the Turkish banking sector to date.

VakıfBank secured financing equivalent to a total of USD 1.2 billion through a sustainability-linked syndicated loan facility, comprising USD 484 million and EUR 574 million tranches.

The facility was structured with a maturity of 367 days. The cost of funding was reported as SOFR +1.25% for the U.S. dollar tranche and EURIBOR +1.10% for the euro tranche. The syndication achieved a renewal ratio exceeding 110%.

The transaction represents a continuation of VakıfBank’s international funding activities in 2026. Taking into account the EUR 1.5 billion in funding secured under a World Bank guarantee in the first quarter and the USD 1.3 billion DPR transaction completed with Apollo in the second quarter, the bank raised a total of USD 5.8 billion from international markets in the first five months of 2026. The proceeds are expected to be used to finance areas focused on exports, employment, technology, efficiency, and digital transformation.

VakıfBank has secured USD 250 million in new funding for the financing of foreign trade.

The financing was obtained under international guarantee and funding structures. The proceeds are intended to be used to support foreign trade transactions and strengthen exporters’ access to financing.

In its statement, VakıfBank noted that the transaction diversified the bank’s funding sources in the field of trade finance and supported its access to long-term funding from international markets.

VakıfBank executed a EUR 200 million sustainability-linked interest rate swap transaction with a maturity of 10 years in connection with the financing of the 1915 Çanakkale Bridge and Kınalı–Malkara Motorway Project.

Yapı Kredi completed a USD 500 million Additional Tier 1 bond issuance in the international capital markets. The issuance was structured as Additional Tier 1 capital under Article 7 of the Regulation on Banks’ Equity and was undertaken to support the bank’s capital base.

Yapı Kredi secured a syndicated loan of approximately USD 1.1 billion with the participation of 49 financial institutions from 25 countries. The financing is structured in five tranches: USD 255.5 million and EUR 482.25 million with a maturity of 367 days, USD 178 million and EUR 65 million with a maturity of 734 days, and USD 33.5 million with a maturity of 1,101 days. The two- and three-year tranches will be allocated in accordance with the bank’s Sustainable Finance Framework.

Türkiye İhracat Kredi Bankası A.Ş. (“Türk Eximbank”) completed a three-year bond issuance in the amount of USD 650 million in the international capital markets. Originally planned at USD 500 million, the issuance size was increased following strong investor demand.

The issuance was initially planned at USD 500 million but was increased following strong investor demand. The transaction attracted approximately USD 2.5 billion in orders, and the bond’s final yield improved by 47.5 basis points compared to the initial pricing level. A total of 116 institutional investors participated in the issuance, with international asset management companies accounting for 78% of the investor base.

By geographic distribution, investors from Europe accounted for 59% of the issuance, followed by the Middle East and Asia with 21% and the Americas with 20%.

Türk Eximbank also announced that, following the transaction, the amount of new funding it had secured from international markets during the first four months of 2026 reached USD 4 billion.

Türkiye İş Bankası A.Ş. (“İş Bankası”) secured a 367-day sustainable syndicated loan of approximately USD 1.3 billion, comprising USD 658.8 million and EUR 520.3 million.

The facility was provided with the participation of 47 banks operating in 18 countries across Europe, the Middle East, Asia and the United States. Despite volatile risk appetite in global markets, the transaction was completed at a lower cost than the bank’s previous syndicated transaction.

The proceeds are intended to be used in accordance with the bank’s Sustainable Finance Framework to finance activities that generate environmental and/or social benefits.

Garanti BBVA entered into a sustainability-linked syndicated loan agreement with the participation of 32 financial institutions from 15 countries. Under the transaction, funding totaling USD 225.25 million and EUR 65.5 million was secured in tranches with maturities of 367 days, 24 months and two days, and 36 months and two days.

The all-in cost of the 367-day tranches was set at SOFR + 1.25% for the USD tranche and EURIBOR + 1.10% for the EUR tranche. For the tranches with a maturity of 24 months and two days, the all-in cost was set at SOFR + 1.75% for the USD tranche and EURIBOR + 1.60% for the EUR tranche. The all-in cost of the tranches with a maturity of 36 months and two days was set at SOFR + 2.00% for the USD tranche and EURIBOR + 1.80% for the EUR tranche.

It has been stated that the transaction, which was carried out under Garanti BBVA’s Sustainable Debt Financing Framework, represents the bank’s first thematic syndicated loan in respect of the tranches with maturities of 24 months and two days and 36 months and two days. The proceeds are intended to be used to finance investments supporting a just transition to a low-carbon economy, as well as activities aimed at strengthening employment, social inclusion, skills development and access to economic opportunities.

The World Bank approved an additional EUR 400 million financing package to support renewable energy investments in Türkiye. It has been stated that the financing represents a continuation of the program launched in 2024 to support the development of the distributed solar energy market and that the scope of the program has been expanded to include onshore wind energy projects and battery energy storage systems.

The financing, which will be provided under the guarantee of Türkiye, consists of two EUR 200 million loans from the International Bank for Reconstruction and Development (“IBRD”) to Türkiye Kalkınma ve Yatırım Bankası A.Ş. (“TKYB”) and Türkiye Sınai Kalkınma Bankası A.Ş. (“TSKB”). It has also been stated that the program will be implemented under a results-based financing model and that disbursements will be made following the independent verification of predetermined performance indicators.

The World Bank approved the provision of EUR 1.67 billion financing to Türkiye for the Istanbul Northern Railway Crossing Project.

The financing is intended to be used for the construction of a railway line connecting Gebze, Sabiha Gökçen Airport, the Yavuz Sultan Selim Bridge, İstanbul Airport and Halkalı. is expected to establish an alternative rail connection across the Bosphorus, increasing freight and passenger transportation capacity, and strengthening Türkiye’s connectivity between Europe and Asia.

The Asian Development Bank approved the provision of a USD 750 million loan to Türkiye for the Istanbul Northern Railway Crossing Project.

The project will involve the development of a railway line connecting Gebze, Sabiha Gökçen Airport, the Yavuz Sultan Selim Bridge, Istanbul Airport and Halkalı. It is expected to improve transport capacity and strengthen connectivity between Europe and Asia through Türkiye.

The loan represents the first of two financing tranches anticipated from the Asian Development Bank for the project, with a second tranche of the same amount expected to be considered in 2028. The Asian Infrastructure Investment Bank, the World Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank and the OPEC Fund for International Development are also expected to participate in the financing of the project. The total cost of the project is expected to be approximately USD 8.27 billion.

TSKB entered into a EUR 300 million loan agreement with the IBRD, a member of the World Bank Group.

A related project agreement was also executed between TSKB and the IBRD. The proceeds are intended to finance investments focused on climate adaptation and resilience.

The transaction represents one of the latest examples of the effective use of guarantee mechanisms offered by multilateral development banks in sustainable finance. It also demonstrates the continued support provided by international development finance institutions for climate-focused investments in Türkiye and is considered an important step in the development of the sustainable finance market.

Akbank completed a USD 500 million subordinated bond issuance in the international debt capital markets. The notes were issued with a 10.5-year maturity, a first call/reset date at 5.5 years and an annual coupon of 8.25%.

The transaction attracted demand exceeding USD 1.2 billion, allowing pricing to tighten by 25 basis points from the initial guidance to 8.25%.

In terms of geographical allocation, 73% of the bonds were allocated to investors in the United Kingdom, 18% to investors in Europe, 4% to investors in the Americas, 4% to investors in the Middle East and 1% to investors in Asia.

In its statement, Akbank noted that the transaction reflected investors’ confidence in both Akbank and the Turkish economy, and the issuance is expected to contribute to the strengthening of the bank’s capital structure.

Burgan Bank A.Ş. (“Burgan Bank”) secured a syndicated loan equivalent to USD 150.5 million from the international markets to finance foreign trade.

The Bank stated that the one-year syndicated loan of USD 132.5 million (equivalent) obtained in June of the previous year had been renewed this year with a 114% rollover ratio. The syndicated facility comprises one-year tranches of USD 75.5 million and EUR 17 million, together with two-year tranches of USD 50 million and EUR 5 million.

It has been stated that the proceeds were secured for use in the financing of foreign trade and to diversify the bank’s international funding structure.

Garanti BBVA completed a EUR 30 million green bond issuance to support climate change adaptation and resilience in sustainable agriculture.

The proceeds of the issuance, which was structured as an international borrowing with a maturity of one year and two days, are expected to be used to finance sustainable agriculture projects under the Garanti BBVA Sustainable Debt Finance Framework.

Eligible projects include organic and sustainable agricultural production and land management practices, efficient irrigation infrastructure and water management systems, investments aimed at enhancing climate change adaptation and resilience in agricultural activities, and agricultural infrastructure projects.

Garanti BBVA also announced that it had increased its sustainable finance target for the 2018–2029 period to TRY 3.5 trillion, of which approximately TRY 1.3 trillion had been achieved as of the first quarter of 2026.

DenizBank secured EUR 20 million in sustainable agriculture-focused financing through its cooperation with the European Fund for Southeast Europe (“EFSE”).

The five-year financing is intended to be deployed in accordance with EFSE's Green List criteria. The proceeds are expected to support the expansion of sustainable agricultural practices, improve resource efficiency and facilitate access to finance for small enterprises.

According to DenizBank, the financing is intended to contribute to the wider adoption of practices that will increase producers' productivity, strengthen their capacity to adapt to changing conditions and support the more efficient use of resources.

TKYB signed a USD 350 million loan agreement with the Japan Bank for International Cooperation (“JBIC”) to finance renewable energy, energy-efficiency and sustainable infrastructure investments.

The financing was structured with a 12-year maturity under the repayment guarantee of the Turkish Ministry of Treasury and Finance. The transaction was also supported by Mizuho Bank, Ltd. in its capacity as facility agent bank.

The proceeds are expected to finance renewable energy generation, energy efficiency projects, the development of electricity transmission and distribution infrastructure, water supply and treatment investments, projects aimed at preventing water pollution and green mobility investments covering low-carbon transport solutions.

TSKB secured USD 350 million in green investment financing from Japan. The financing was structured under a loan agreement signed with JBIC and MUFG Bank Ltd., acting as facility agent, and is backed by a repayment guarantee from the Ministry of Treasury and Finance.

The proceeds provided under the loan agreement are intended to be used to finance investments that contribute to the reduction of greenhouse gas emissions across Türkiye. Within this framework, the financing is planned to be directed toward renewable energy, energy efficiency, water and waste management investments, and other green investment projects.

The European Investment Bank (“EIB”) extended EUR 100 million of financing to TKYB.

The financing, which will be on-lent by TKYB, is expected to support private sector investments, particularly those undertaken by businesses operating in earthquake-affected regions, and strengthen enterprises' access to finance. The proceeds are also intended to contribute to sustainable growth and economic development.

The professional regulatory decision governing value-date practices for participation accounts has been repealed pursuant to Resolution No. 397 of the Board of Directors of the Participation Banks Association of Türkiye (“TKBB”), dated 8 June 2026. The repeal abolishes the long-standing industry practice, which had been in place for approximately sixteen years, whereby the value date applicable to participation accounts commenced on the first business day following the date on which the funds were deposited with the bank.

The Ministry of Treasury and Finance completed the issuance of a USD-denominated bond maturing in 2031 under its 2026 external financing program. Following the appointment of Bank of America, Goldman Sachs, ING Bank and Morgan Stanley on 15 April 2026, the transaction was completed on the same day with a total issuance amount set at USD 2 billion.

The bond was issued with a 6.375% coupon rate and a 6.400% yield to investors. The issuance attracted demand from approximately 180 investors, reaching nearly three times the issue size.

In terms of geographical allocation, 44% of the bonds were allocated to investors in the United Kingdom and Ireland, 33% to investors in the United States, 13% to investors in other European countries, 8% to investors in Middle Eastern countries and 2% to investors in other countries. With this issuance, the total amount of financing raised from the international capital markets in 2026 reached approximately USD 7.9 billion.

The Ministry of Treasury and Finance completed a six-year sukuk issuance in the amount of USD 2.75 billion in the international capital markets under its 2026 external financing program.

The lease certificate was issued with a rental rate of 6.700% and a yield of 6.750%. The proceeds from the issuance are expected to be credited to the Treasury’s accounts on 2 July 2026.

The issuance attracted demand from more than 100 investors, exceeding 2.5 times the issue size. It was stated that 65% of the lease certificates were allocated to investors in the Middle East, 20% to investors in the United Kingdom, 9% to investors in the United States, 4% to investors in other European countries, and 2% to investors in Türkiye and other countries.

With this sukuk issuance, the total amount of financing raised from the international capital markets in 2026 reached USD 10.7 billion.

The Ministry of Treasury and Finance announced that it would issue a Turkish lira-denominated fixed rental rate lease certificate with a two-year maturity as part of its domestic borrowing strategy.

The issuance, which will be conducted through a direct placement, will be offered to banks and public institutions and organizations. The lease certificate will have a value date of 15 April 2026 and a maturity date of 12 April 2028, while the semiannual rental rate has been set at 18.14%.

It has been stated that orders will be collected through the Central Bank of the Republic of Türkiye Payment Systems Auction System and that information regarding the allocated amounts will be communicated to investors through the same system.

The Ministry of Treasury and Finance completed a lease certificate issuance in the amount of TRY 13.424 billion. According to the Ministry’s statement, the lease certificate was structured with a value date of 17 June 2026 and a maturity date of 16 June 2027 and was indexed to the Turkish lira overnight participation reference yield rate (TLREFK).

The Ministry also announced that information regarding the allocated amounts would be communicated to the eligible banks and public institutions and organizations through the Central Bank of the Republic of Türkiye Payment Systems Auction System.

Emlak Konut Gayrimenkul Yatırım Ortaklığı A.Ş. (“Emlak Konut GYO”) announced the completion of its first sukuk issuance in the amount of USD 650 million.

According to the Company's statement, the issuance received strong interest from international investors, and the proceeds are planned to be used to strengthen the Company's financing structure and finance its ongoing projects. It was further noted that the transaction constitutes Emlak Konut GYO's first international capital markets borrowing.

Ak Finansal Kiralama A.Ş. (“Ak Lease”) signed a USD 100 million sustainable financing agreement with the International Finance Corporation (“IFC”). It was stated that the ICBC Dubai DIFC Branch participated in the transaction alongside the IFC as a financier and B1 Loan participant, while ICBC Turkey Bank A.Ş. acted as coordinator.

The proceeds to be provided under Ak Lease’s first transaction with the IFC are intended to be used to finance climate projects, the protection of water resources, blue-finance initiatives including waste management, renewable energy and energy-efficiency investments, and support for SMEs established by women entrepreneurs.

As part of its strategy to diversify its international funding sources, Ak Lease entered into a EUR 25 million loan agreement with the DIFC Branch of Al Ahli Bank of Kuwait K.S.C.P.

The facility represents the first direct loan provided by Al Ahli Bank of Kuwait to a leasing company in Türkiye. The proceeds are intended to be used within the scope of financing Ak Lease’s leasing investments to support businesses’ investment, capacity expansion, modernization and technology-focused projects.

Nurol Portföy made a total investment commitment of USD 30 million to funds to be managed by the Netherlands-based independent fund manager Metis Ventures.

Through the funds to be established, investments are intended to be made in high-growth-potential technology ventures originating from Türkiye and Central and Eastern Europe. Metis Ventures, which has invested in more than 60 early-stage technology ventures to date, aims to reach USD 300 million in assets within the next five years.

The TKBB and the Malaysian Islamic Banking and Finance Association signed a memorandum of understanding to enhance cooperation in participation finance.

The parties aim to increase the exchange of knowledge and expertise, develop joint projects and support cross-border financial cooperation. They also discussed opportunities for cooperation between Türkiye and Malaysia in the fields of Islamic banking, Islamic capital markets, liquidity management and takaful.

The parties further stated that work is planned to be carried out to develop cross-border financing opportunities, establish joint financing models and strengthen cooperation mechanisms based on risk sharing.

The Central Bank of the Republic of Türkiye ("CBRT") and the Hong Kong Monetary Authority signed a Memorandum of Understanding on cooperation in the field of financial technologies.

The Memorandum of Understanding is intended to establish a framework for cooperation between the innovation functions of the two institutions. The agreement is expected to facilitate the exchange of information in financial innovation and provide a basis for enhanced cooperation on innovative projects.

Pursuant to the Law No. 7581 dated 21 May 2026 and published in the Official Gazette, the ratification of the “Protocol on the Renewal of the Memorandum of Understanding Between the Government of the Republic of Türkiye and the Organisation for Economic Co-operation and Development (“OECD”) on the Establishment of the OECD Istanbul Centre,” signed in Istanbul on 10 April 2025, was approved with effect from 13 January 2026.

The Protocol aims to maintain the existing cooperation framework governing the activities of the OECD Istanbul Centre and update the legal framework for the continuation of the Centre’s activities in Türkiye. The OECD Istanbul Centre carries out activities aimed at supporting the OECD’s regional operations, improving policy dialogue and strengthening cooperation between member countries and countries in the region.

The Financial Institutions Union has released consolidated data for the first quarter of 2026 covering the financial leasing, factoring, financing, savings finance and asset management sectors. According to the data, the combined total assets of these sectors increased by 72% year on year to approximately TRY 1.9 trillion. During the same period, total receivables increased to TRY 1.4 trillion, while total equity reached TRY 378 billion.

On a sectoral basis, the savings finance sector recorded the highest growth rates in terms of both total assets and receivables. The total assets of the factoring sector reached TRY 525 billion, while the total assets of the financial leasing and financing sectors reached TRY 579 billion and TRY 357 billion, respectively.

The announced data indicate that the non-bank financial sectors continue to maintain their growth trend.

The CMB granted a portfolio management company license to Destek Portföy Yönetimi A.Ş., established as a subsidiary of Destek Yatırım Bankası Anonim Şirketi.

The CBRT granted Sağlam Ödeme ve Elektronik Para Hizmetleri A.Ş. an electronic money institution license authorising it to provide payment services and issue electronic money.

The CMB also approved the incorporation applications of Fiba Kripto Varlık Alım Satım Platformu A.Ş. and Fintag Kripto Varlık Alım Satım Platformu A.Ş. to operate as crypto-asset trading platforms. However, these decisions relate solely to the establishment stage. In order to commence operations, the companies will be required to satisfy the other conditions prescribed under the applicable legislation and obtain separate operating licenses.

The CBRT revoked the electronic money institution licenses of ParaQR Elektronik Para ve Ödeme Hizmetleri A.Ş. and Parolapara Elektronik Para ve Ödeme Hizmetleri A.Ş. pursuant to Article 21(8) of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions due to the failure to take the required measures in relation to matters identified during supervisory inspections within the prescribed period.

The decisions demonstrate that the CBRT continues to conduct its supervisory and oversight activities in relation to payment and electronic money institutions effectively and maintains a strict approach towards compliance with regulatory obligations.