- Turkish stock exchange regulators temporarily stopped islamic lender Bank Asya’s shares from trading on June 1, after the takeover of all shares of the bank by the Insurance Fund (TMSF) on Friday, Borsa Istanbul announced on Monday.
Turkish authorities said on May 29 they had decided to take over Bank Asya, the Islamic lender caught up in a feud between President Tayyip Erdoğan and U.S.-based Islamic scholar Fethullah Gülen.
The bank’s shares were previously moved to the stock exchange’s watch list, where companies are subject to monitoring and examination, in September 2014.
The takover move was announced by the Banking Regulation And Supervision Agency (BDDK) just a week before the parliamentary election. It followed an earlier decision by the BDDK to take management control of the bank, citing its failure to meet legal criteria.
The action was launched after a run on deposits at Bank Asya last year when it became embroiled in the power struggle between Erdoğan and Gülen, whose followers had set up the bank.
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