Economy

Turkey: Bank Asya's banking license cancelled

Bank Asya says its banking license has been cancelled by Turkish banking watchdog

22.07.2016
Turkey: Bank Asya's banking license cancelled

ANKARA

Turkish regulators on Friday have cancelled Islamic lender Bank Asya's banking license, the bank said in a statement to the Public Disclosure Platform.

The Turkey’s Banking Regulation and Supervision Agency's decision (BDDK) came after the Turkish Deposit Insurance Fund (TMSF) on Monday temporarily suspended Bank Asya's banking operations.

The sale of the bank did not attract any bids on July 15, according to the Fund. The tender was for the sale of a minimum 183.6 million ‘A’ group shares, amounting to 51 percent of the bank.

Bank Asya is a participation bank affiliated with U.S.-based preacher Fetullah Gulen, whom Turkish authorities accuse of leading a clandestine parallel state to undermine the Turkish government.

The Turkish government also said the failed coup on July 15 was organized by Gulen's followers.

On May 29 last year, BDKK, the country’s banking watchdog, ruled for the complete takeover of all shares of Bank Asya by the insurance fund.

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