... Ratings (IDRs) of Turkiye Vakiflar Bankasi T.A.O. (Vakifbank) are driven by its solid franchise as the seventh-largest bank in Turkey by assets, and adequate financial metrics in profitability, capitalisation and asset quality ¡ albeit generally weaker than peers' ¡ despite the challenging operating environment. The ratings also reflect the bank's adequate foreign-currency (FC) liquidity position. Sovereign Support Underpins Ratings: Vakifbank's IDRs and Support Rating Floor are aligned with the sovereign's, reflecting Fitch Ratings' view that there is a high probability of support from the government if required. This view is based on the bank's majority ownership (58.45%) by the General Directorate for Foundations (GDF), fully controlled and managed by the Turkish state, and its systemic importance (9M16: 8.9% deposit market share). Well-Established Franchise: Vakifbank has a broad domestic franchise as a universal bank. Its state ownership...
