İşbank goes to court amid takeover claims

İşbank goes to court amid takeover claims

ISTANBUL - Reuters
İşbank goes to court amid takeover claims

Shares in İşbank fell over 3 percent yesterday amid a claim that the bank could face regulatory action.

İşbank said Feb. 23 all its activities were in line with Turkish banking laws and said it had observed “incorrect” reports about its activities.

“İşbank has always conducted its activities with an emphasis on the benefits to the country, and in compliance with the banking law and related legislation,” the bank said in a statement to the Public Disclosure Platform.

“We would like to warn you of several incorrect reports and claims about our activities,” the bank said, adding that the bank will go to the court against the baseless claimers.

Shares in Turkish İşbank fell more than 3 percent yesterday, with analysts citing a claim by a whistleblower on Twitter that Turkey’s biggest bank could face regulatory action.

The whistleblower, who tweets under the pseudonym Fuat Avni, said on Feb. 21 that President Recep Tayyip Erdoğan had ordered Turkey’s banking watchdog (BDDK) to take over İşbank.

Economy Minister Nihat Zeybekci dismissed Fuat Avni’s comments. “In Turkey, the economy cannot be ruled by the comments of imaginary people. İşbank is too important to be tarnished by fantastical comments,” Zeybekci told reporters on the sidelines of a meeting in Istanbul.

Presidency spokesperson İbrahim Kalın said empty speculations might be made about the economy, but it makes sense to consider only official announcements in such cases at a press meeting.
“We do not have any information about the issue. Unfortunately, we see empty speculations from time to time. It is better to hear announcements from officials,” Kalın said.