Turkish authorities to sell or liquidate troubled Bank Asya

ISTANBUL - Reuters

DHA photo

Turkey’s authorities plan to sell Islamic lender Bank Asya by May 29 and will liquidate it if they cannot find a buyer, the chairman of the deposit insurance fund (TMSF) said on Feb. 26.

Turkish authorities took over the bank last year, making it a high-profile victim in a feud between President Recep Tayyip Erdoğan and U.S.-based cleric Fethullah Gülen, whose followers founded the bank.

The TMSF, which now controls the bank, is in talks on its sale, TMSF Chairman Şakir Ercan Gül told reporters in Istanbul.