JP Morgan and UBS have won a mandate to privatise Vakifbank, Turkey's largest state-owned bank, in a deal valuing the firm at up to $5bn (€4.2bn). It is set to be the country's largest flotation in over five years and its second largest to date.

The deal is expected to raise up to $1bn. JP Morgan and UBS, global co-ordinators for the float, will begin pre-marketing on Monday.