As part of Asya Katılım Bankası A.Ş.'s (“Bank Asya”) ongoing liquidation process, on December 2, 2016 the Savings Deposit Insurance Fund (the "SDIF") has announced that it has started to repay the deposits of Bank Asya's customers that are covered under the deposit insurance. This announcement follows Şakir Ercan Gül's, the Chairman of the SDIF, statement on November 5, 2016 that the customers of Bank Asya will be compensated, which also followed the Banking Regulatory and Supervisory Authority's cancellation of Bank Asya’s banking license on July 22, 2016
- Each Bank Asya customer will receive up to TRY 100,000.
- Customers will be repaid through Vakıf Katılım Bankası A.Ş., VakıfBank's interest-free banking arm, repayment has started on December 5, 2016.
Conclusion The SDIF is carrying out necessary steps in relation to the liquidation of Bank Asya, as its banking license was cancelled on July 22, 2016. Pursuant to Article 106 of the Banking Law No. 5411, the SDIF will apply for bankruptcy of Bank Asya following repayment of the insured deposits.
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