Türkiye transfers management of 3 banks, 2 factoring firms to deposit insurance fund

ISTANBUL

Türkiye’s banking regulator decided on Sept. 30 to transfer the management of three investment banks and two factoring companies to the Savings Deposit Insurance Fund (TMSF), following developments linked to an ongoing fund investigation.

The decisions cover Tera Investment Bank, Destek Investment Bank, Hedef Investment Bank, Destek Finance Factoring and Tera Finance Factoring, according to a statement from the Banking Regulation and Supervision Agency (BDDK).

The regulator said its board adopted the measures following assessments of recent developments related to the process publicly known as the “fund investigation.”

TMSF will exercise shareholder rights, excluding dividend rights, attached to certain shares in the three investment banks.

The board also ordered certain shares in the two factoring companies to be transferred within six months to individuals or legal entities meeting statutory requirements.

TMSF will exercise the voting rights attached to those shares during that period.

The three banks account for 0.22 percent of the banking sector’s total assets, while the two factoring companies represent 1.45 percent of total factoring sector assets, according to the regulator.