Abstract
The theory suggests that privatisation produces marginal performance gains when states retain majority control or even sizable minority stakes in the privatised banks. This study analyses the case of HalkBank in which the state retained majority control after the privatisation. In this context, the study hypotheses that improvements in the post-privatisation financial performance of HalkBank will be marginal. The study employs four performance measures to compare the pre- and post-privatisation performance of HalkBank to its privately owned competitors. However, the findings reveal that HalkBank achieved significant improvements in performance compared to its’ privately owned competitors. The study discusses the reasons behind the findings and the governance related risks that HalkBank investors face.
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