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Turkey takes shareholder rights in multiple banks
The Turkish Banking Regulatory Authority announced that the Turkish Deposit Insurance Corporation will assume the rights of shareholders in three investment banks and two factoring companies due to their involvement in the fund crisis. The banks involved are Tera Yatırım, Desteq Yatırım, and Hedef Yatırım, along with Desteq Finance Factoring and Tera Finance Factoring. Ownership stakes in these companies will be transferred within six months. Although these banks represent only 0.22% of the Turkish banking sector's assets, their affiliated financial subsidiaries account for 1.45% of the total factoring sector's assets. These measures aim to address the financial crisis affecting these institutions.
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