Baku, Azerbaijan, Feb. 4
By Rufiz Hafizoglu - Trend:
One of the largest banks of Turkey, Bank Asya has been fully transferred to the control of the state-run Savings Deposit Insurance Fund, Turkish Hurriyet newspaper reported on Feb.4.
Reportedly, the bank has problems with liquidity but this will not affect the fulfillment of obligations to the clients whose funds will be repaid by the Savings Deposit Insurance Fund in the case of necessity.
The members of the bank's board have also been dismissed, according to the newspaper.
Turkey's Banking Regulation and Supervision Agency decided to temporarily suspend the license of Bank Asya on August 7, 2014.
In order to restore the bank's activity, its shareholders made a decision on its recapitalization, and the bank informed the Banking Regulation and Supervision Agency about this.
The bank resumed its activity in the market on September 15, 2014.
Bank Asya closed its 80 branches in the country and put up for sale its assets in the pension and insurance funds in September 2014.
In addition, the bank sold its 40-percent stake in Tamweel Africa Holding for $37.7 million.
Bank Asya also sold its 21.8-percent stake in the Yeni Magazacilik A.S. for 350 million TRY in January 2014.
The official exchange rate on Feb.4 is 2.4194 TRY/USD.
Turkey's President Recep Tayyip Erdogan earlier said that the bank was on the verge of bankruptcy. He dismissed the allegations that the country's government was deliberately taking steps to close it down.
Bank Asya is regarded as one of the banks having close ties to the movement of Fethullah Gulen [Islamic public figure currently residing in the US].
Edited by CN
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