Türkiye’s Banking Regulation and Supervision Agency (BDDK) has revoked the operating licence of Golden Global Yatırım Bankası, an Istanbul-based investment bank, according to a decision published in the Official Gazette on Friday, 6 November, CNBC-e, ForInvest, Endeks24 and Son Mühür reported.
The BDDK board took the decision, numbered 11593, at its meeting on 4 November, according to ForInvest, CNBC-e and Son Mühür. CNBC-e and Endeks24 said the board acted after reviewing a related letter and its annexes.
Legal basis, but no stated reason
The licence was withdrawn under Article 71, paragraph 1, sub-paragraph (c) of Türkiye’s Banking Law No. 5411, ForInvest and CNBC-e reported.
The published decision does not give a specific reason for the revocation, ForInvest and Son Mühür said.
TMSF took over shareholder rights in September
The move follows an earlier step against the bank. On 16 September the BDDK decided that the Savings Deposit Insurance Fund (TMSF), Türkiye’s state deposit insurer, would exercise the shareholder rights in the bank, except dividend rights, ForInvest and Diken reported at the time. The decision, numbered 11569, covered shares making up 99.98 percent of the bank’s capital, according to the two outlets. ForInvest and Endeks24 said it was based on Article 18, paragraph 5 of the Banking Law.
Before that decision, the bank had been placed on a US sanctions list linked to Iran, ForInvest and Diken reported in September.
Golden Global Yatırım Bankası was set up as an investment bank and began operating on 1 June 2020, according to Endeks24 and Diken.
In a separate case, an Istanbul court recently appointed the TMSF as trustee of the property investment trust Peker GYO.
Sources
- BDDK’dan Golden Global Yatırım Bankası kararı: Faaliyet izni kaldırıldı (CNBC-e)
- BDDK Golden Global Yatırım Bankası’nın faaliyet iznini kaldırdı (ForInvest)
- Golden Global Yatırım Bankası’nın faaliyet izni kaldırıldı (Endeks24)
- Golden Global Yatırım Bankası’nın faaliyet izni kaldırıldı! (Son Mühür)
- BDDK’dan Golden Global Yatırım Bankası için karar: Hisselerin ortaklık haklarını TMSF kullanacak (ForInvest)
- Golden Global Yatırım Bankası’na TMSF el koydu (Diken)
Photo: Central Bank of the Republic of Turkey / Public domain, via Wikimedia Commons
