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Turkey's Bank Asya to raise capital, sell retailer stake
January 27, 2014 / 6:20 AM / in 4 years

Turkey's Bank Asya to raise capital, sell retailer stake

ISTANBUL, Jan 27 (Reuters) - Turkish Islamic lender Bank Asya said it had decided to make a cash capital increase of 33 percent to 1.2 billion lira ($515 million) and was selling an 18 percent stake in retailer Yeni Magazacilik (A101) for 298 million lira.

The bank last week said it had weathered mass deposit withdrawals, which the media said were orchestrated by government supporters as part of a backlash against a corruption scandal blamed on an influential cleric.

Turkish media say state-owned companies and institutional depositors loyal to Prime Minister Tayyip Erdogan have withdrawn 4 billion lira ($1.79 billion), some 20 percent of the bank’s total deposits, over the last month to try to sink the lender. ($1 = 2.3314 Turkish liras) (Reporting Asli Kandemir; Editing by Daren Butler)

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