Huge loss in Gülenist bank's shares


After an almost two month suspension, Bank Asya shares reopened to trading on Turkey's stock market's (BIST) board in the first session of the day. As expected, the bank's shares lost 20.1 percent value. In case of a continuous depreciation in the bank's shares and further deterioration of the bank's balance sheet, experts predict that the Saving Deposit Insurance Fund - the governing body concerned with matters of fund management and insurance in the Turkish banking system - can seize control of the bank to prevent a greater crisis in the Turkish banking sector.Experts believe that Bank Asya, which belongs to the shadowy Gülen Movement, used to be governed by prominent figures within the community instead of those qualified in the banking sector. According to analysts, the bank's unprofessional administration is largely responsible for its current dire situation.