Turkey restores licenses of long-closed banks

Business Materials 13 September 2017 14:22 (UTC +04:00)

Baku, Azerbaijan, Sept. 13

By Rufiz Hafizoglu – Trend:

Turkey’s Banking Regulation and Supervision Agency has restored Emlak Bank’s license, cancelled in 2001, to carry out banking activities, the agency told Trend Sept. 13.

The bank will start operating in the coming months, according to the message.

Emlak Bank was established in 1988 following the consolidation of two banks – Anadolubank and Turkiye Emlak Kredi Bankasi.

The Banking Regulation and Supervision Agency also said the license of one of Turkey’s first banks Turk Ticaret Bankasi, which was revoked in 1997, is also expected to be restored.

Turk Ticaret Bankasi was founded in 1913 as the first Islamic bank in Turkey.

As of Sept. 2017, 46 banks operate in Turkey.


Follow the author on Twitter: @rhafizoglu