Bank Asya says TMSF takeover not to affect banking activities

Bank Asya, which has been handed over to Savings Deposit Insurance Fund (TMSF) in a government-backed decision by the Banking Regulation and Supervision Agency (BDDK), has announced that the takeover will not influence its banking activities.
In a statement posted on the bankandrsquos website, the bank administration said the bank will continue to provide and”high-quality service in line with participation bankingand” to its customers as it did in the past.
BDDK announced late on Friday that it had handed over control of the bank to the state-run Savings Deposit Insurance Fund (TMSF) after a months-long political campaign targeting the bank.
The BDDK said it acted as andquotproblems experienced in the bankand’s activities with its financial structure, its partnership and management makeup presented a danger … in terms of confidence and stability in the financial system.andquot
Bank Asya, founded by sympathizers of Turkish Islamic scholar Fethullah Gandulen, has been targeted by President Recep Tayyip Erdogan since a corruption scandal implicating people in his inner circle erupted in December 2013. Erdogan blames the Gandulen movement, also known as Hizmet (service), inspired by Gandulen, for the corruption scandal, which it brands a and”coup attempt.and” The BDDK ruled earlier this year that management control of 63 percent of the privileged shares held by A-type shareholders be handed over to the TMSF.

SOURCE: Today’s Zaman