Turkiye, Economy

Turkish Dep. PM: Bank Asya in the hands of regulator

Babacan says the team in Turkish banking watchdog and insurance fund does their job to implement the board decision

Turkish Dep. PM: Bank Asya in the hands of regulator


Turkish Deputy Prime Minister Ali Babacan said on Tuesday that Bank Asya is in the hands of the Turkish banking watchdog and its insurance fund. 

On May 29, Turkey's Banking Regulation and Supervision Agency (BDDK), the country’s banking watchdog, ruled for the complete takeover of all shares of Bank Asya by the Savings Deposit Insurance Fund (TMSF). 

 In an interview with Haberturk and Bloomberg HT TV stations, Babacan said the takeover decision was an independent move by the watchdog and the fund.

“The team in these organization does their job to implement a board decision which is based on technical assessments” Babacan said. 

The deputy minister, responsible of the economy, stressed that the BDDK and TMSF are independent organizations. 

Separately, Turkish stock exchange regulators on Tuesday lifted the ban on the trading of Bank Asya’s shares one day after it was halted. The bank’s shares opened at Friday’s closing prices 0.76 Turkish lira. The shares dropped to 0.69 lira, a loss of 9.21 percent.

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