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TMSF selling off subsidiaries of seized lender Bank Asya

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The state-run Savings Deposit Insurance Fund (TMSF) has put up for sale a financial intermediary and two insurance units of Islamic lender Bank Asya, which was seized by the government in 2015, according to Turkish media.

TMSF has set the price for Işık Sigorta at TL 40.8 million and for Asya Emeklilik at TL 33.2 million, aiming to earn at least TL 74 million from the sale of Bank Asya’s shares in the two insurance companies. The bank owns 98 percent of Asya Emeklilik and 67 percent of Işık Sigorta.

The TMSF puts forward a minimum sale price of TL 29.05 million for its fully owned financial intermediary, Asya Yatırım Menkul Değerler.

The tender is scheduled to take place Oct. 31.

The ruling Justice and Development Party (AKP) seized Bank Asya on dubious grounds in May 2015, suggesting that the lender’s financial management posed a threat to the Turkish banking system. The bank’s shareholders denied the allegations and vowed to take legal action. No court decision has yet been made. Established in 1996, the bank services its customers with 200 branches across Turkey.

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