Turkey transfers control of small investment banks, factoring firms to state fund amid fund crisis
Turkey transfers control of small investment banks, factoring firms to state fund amid fund crisis ISTANBUL, Sept 30 (Reuters) - Turkey's banking watchdog BDDK said on Wednesday the Savings Deposit Insurance Fund (TMSF) would take over shareholder rights in three investment banks and two factoring companies involved in the country's fund crisis.
The decision covers Tera Yatirim Bankasi, Destek Yatirim Bankasi, Hedef Yatirim Bankasi, Destek Finans Faktoring and Tera Finans Faktoring.
BDDK also ordered stakes in the two factoring companies to be transferred within six months, with TMSF exercising the voting rights attached to those shares until the transfers are completed.
The three banks together account for 0.22% of total assets in Turkey's banking sector, while the two factoring companies represent 1.45% of total assets in the factoring sector, according to regulator data.
(Reporting by Ezgi Erkoyun and Nevzat Devranoglu, Editing by Ece Toksabay)
((ezgi.erkoyun@thomsonreuters.com; +90-212-350 7051; Reuters Messaging: ezgi.erkoyun.thomsonreuters.com@reuters.net;))
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Turkey transfers control of small investment banks, factoring firms to state fund amid fund crisis