Turkish President Recep Tayyip Erdoğan on Tuesday announced that the nation’s largest listed bank, Türkiye İş Bankası (İşbank), would be transferred to the Treasury.
The bank, which was established by the nation’s founder, Mustafa Kemal Atatürk, has four people from the main opposition Republican People’s Party (CHP) on its board, as instructed in Ataturk’s will. Ataturk had a 28 percent share in the bank and was the first chairman of the CHP.
“İş Bank is on the table, do not forget it. It will become the property of the Treasury,” Erdoğan said at his party’s weekly meeting. The president went on to say that the bank is the property of the nation.
Erdoğan had renewed his interest in the bank earlier in 2018.
Following his announcement, the bank’s shares plunged 7 percent on the İstanbul stock market.
The post Erdoğan says Treasury to take over Turkey’s largest lender, İşbank appeared first on Turkish Minute.
from Turkish Minute https://www.turkishminute.com/2019/02/05/erdogan-says-treasury-to-take-over-turkeys-largest-lender-isbank/
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