Bank Asya shares skyrocket after trading resumes


Date posted: March 29, 2014

ISTANBUL

Bank Asya, which had seen its shares jump by over 44 percent after Qatar Islamic Bank (QIB) said on Tuesday it had entered into exclusive discussions to acquire a stake in the Turkish lender, saw trading of its shares resume after a halt due to unusual price-quantity movement on Friday morning.

Trading of Bank Asya shares was on a halt on Friday until 9:51 a.m. but resumed hours later. Shares saw an 8.13 percent rise and passed the 66.4 percent mark in the last four days. Shares are being traded at TL 1.73 as of early Friday afternoon.

The Islamic bank has been in the spotlight since Turkish media reported that state-owned companies and institutional depositors loyal to Prime Minister Recep Tayyip Erdoğan had withdrawn TL 4 billion ($1.8 billion), or some 20 percent of the bank’s total deposits, because the bank’s founders include sympathizers of cleric Fethullah Gülen, a former-ally-turned-critic of Erdoğan.

Bank Asya said it had weathered the mass withdrawals and was not at risk. The government has declined to comment. Media speculated the withdrawals were part of an orchestrated backlash against a government corruption investigation, blamed on Gülen, and which poses one of the biggest challenges to Erdoğan’s 11-year rule.

 

Source: Cihan , March 29, 2014

Tags: | | |


Related News

‘TUSKON is a reliable and long-time friend of ours’

Speaking at the Turkey-Russia Trade and Investment Forum in İstanbul on Thursday, Katyrin said the two countries have a common goal of raising bilateral trade to $100 billion from its current level of $33 billion and that TUSKON has undertaken a key role in attaining this target.

Gulen – Erdogan History in 2 minutes

Nowadays, most articles about Turkey, Erdogan and Gulen have a default sentence: “Erdogan and Gulen were former allies”. It is said and written so many times that eventually became a fact. However, the reality is not that simple.

Kalashnikov-carrying police raid Gülen-inspired private and prep schools based on ‘reasonable suspicion’

Police carrying Kalashnikov rifles and inspectors from a number of government bodies raided 14 private and prep schools in Mardin province on Tuesday based on “reasonable suspicion” that the schools are involved in tax fraud, a move that comes as part of the government-orchestrated operation targeting the faith-based Gülen movement, popularly known as the Hizmet movement.

Deputy Bal says did not resign from AK Party on anyone’s orders

Responding to speculations put forward by circles close to the ruling Justice and Development Party (AK Party) that independent Kütahya deputy İdris Bal resigned from the party on an order from Turkish Islamic scholar Fethullah Gülen, Bal has said he did not resign from the party on anyone’s orders, stating that if they could prove this, he is also ready to resign from his post as deputy.

Tears and sadness as Turkish people pack up to leave Pakistan

“I know I can’t do anything to persuade the federal government to take back its decision of expelling the Turkish teachers and their families from the country,” a senior Pakistani teacher told PTI. “I must say last Friday was the saddest day in our campus in Lahore as all Turkish students were literally crying,” she said.

Who is the winner?

The Gülen community is a movement of volunteers. The real reason for the row is not the community’s attempt to meddle in politics. It is due to its sheer size and public image. As he did with other groups or communities, Erdoğan sought to take full control of the Hizmet movement in an effort to consolidate his power. Following the defeat of the military tutelage, the government saw a convergence of power. However, the Hizmet movement was not a piece of cake which it could swallow easily. The government had previously purged itself of many bureaucrats who are close to the community.

Latest News

Turkish inmate jailed over alleged Gülen links dies of heart attack in prison

Message of Condemnation and Condolences for Mass Shooting at Bondi Beach, Sydney

Media executive Hidayet Karaca marks 11th year in prison over alleged links to Gülen movement

ECtHR faults Turkey for convictions of 2,420 applicants over Gülen links in follow-up to 2023 judgment

New Book Exposes Erdoğan’s “Civil Death Project” Targeting the Hizmet Movement

European Human Rights Treaty Faces Legal And Political Tests

ECtHR rejects Turkey’s appeal, clearing path for retrials in Gülen-linked cases

Erdoğan’s Civil Death Project’ : The ‘politicide’ spanning more than a decade

Fethullah Gülen’s Vision and the Purpose of Hizmet

In Case You Missed It

Turkey’s targeted teachers find refuge in Vietnam

Kimse Yok Mu lends helping hand to 3,000 orphans in 4 countries

Chicago organization welcomes new scrutiny amid fallout of failed Turkish military coup

The consequences of tyranny never change

Gülen denies role in blocking publication of Şık’s book

International festival of language and culture held in Ulaanbaatar

Reps urge Federal Govt to intervene in Nigerian students’ detention in Turkey

Copyright 2026 Hizmet News