Bank Asya

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Bank Asya was a former Turkish participation bank that operated between 1996 and 2016. It was established on October 24, 1996, with its head office in Istanbul, as the sixth private finance house of Turkey and an Islamic participation bank. Bank Asya opened its first branch in Altunizade, Istanbul on 24 October 1996. The opening ceremony was held with an official ceremony and was attended by then Deputy Prime Minister Tansu Çiller, State Minister Abdullah Gül, Istanbul Metropolitan Mayor Recep Tayyip Erdoğan, and İhsan Kalkavan, Chairman of the Board of Directors of Asya Finans. The company's name, which had been previously "Asya Finans Kurumu Anonim Şirketi" (Asya Finance Incorporated Company), was changed into "Asya Katilim Bankasi Anonim Şirketi" (Asya Participation Bank Inc.) on December 20, 2005. Bank Asya carried out its activities with 182 branches, 2 national and 1300 foreign correspondent banks besides the head office units as of May 2011. The bank has been strongly tied to the controversial Gülen movement, led by the Islamic cleric and preacher Fethullah Gülen, and is widely considered to be founded and operated by his followers. On 18 September 2014, President Erdoğan spoke at the Turkish Industry and Business Association, TÜSİAD meeting. Bank Asya was on Erdoğan's agenda without explicitly mentioning its name: "Yesterday, the main opposition leader accused us of working to bankrupt a bank. That bank is already bankrupt." On 22 July 2016, the Banking Regulation and Supervision Agency (BDDK) cancelled Bank Asya's banking permissions as part of the 2016 purges. With Decision No. 6318 of the Banking Regulation and Supervision Agency published on 29 May 2015, Bank Asya was transferred to the SDIF. The decision was published in the Official Gazette dated 30.05.2015 and numbered 29371. The decision read: "As a result of the audits conducted in relation to Bank...