Bank of America Lifts Stake in ICU Venture Capital Trust to 3.6%

Bank of America Corporation has increased its indirect stake in ICU Girişim Sermayesi Yatırım Ortaklığı A.Ş., the Turkish venture capital investment trust listed under the ticker ICUGS on the Borsa Istanbul, according to a regulatory disclosure reported by The Globe and Mail. The transactions were executed on 7 October 2026 by Merrill Lynch International, a fully controlled subsidiary of the bank, and involved both purchases and sales of ICU shares. On a net basis, the subsidiary bought 2,873,361 shares, with all trades falling within a narrow price range of 1.33 to 1.35 Turkish lira per share.

Following the transactions, Bank of America's indirect ownership and voting interest in the trust rose from 2.768% to 3.595%. The move represents a measured increase rather than a substantial reallocation, but it lifts the bank's position in a listed Turkish vehicle that provides investors with equity exposure to growth-oriented businesses and capital markets instruments. Per the disclosure, the increase may also support trading liquidity and institutional visibility for the shares.

ICU is currently valued at approximately 430.9 million TRY, based on market data cited by TipRanks, and it trades an average of 19,950,332 shares per day. TipRanks' technical sentiment indicator for the stock is currently "Sell," although this reflects short-term price signals rather than the bank's investment rationale. The filing does not state the purpose of the transactions or any intention regarding future holdings.

Coverage of the filing by other outlets, including reports that describe the change as a stake increase to 3.6%, is consistent with the disclosed figures. Because the change is a modest move in a relatively small listed vehicle, the disclosure is likely to be of most interest to Turkish equity and venture capital investors tracking institutional ownership in ICU.