IHA0068EA0-EKO/24-TEM-0027-1F27


- Akbank Takes Legal Action Against Turkey Central Bank

ISTANBUL (IHA) - Turkish private lender Akbank TAS (AKBTY, AKBNK.IS) said late Friday that it has taken a legal action to cancel the Turkish central bank's demand that it set aside reserves for syndicated loans secured by its Malta branch.

Akbank and Turkey's central bank have a difference of opinion on reserve requirements for syndicated loans, Akbank said, adding that all its past exercises have been in accordance with the law.

Turkish banks have to set aside reserves at the central bank for syndicated loans secured from abroad.

Akbank is more than 50% owned by the Sabanci Group and 20% owned by Citigroup Inc. (C).

Akbank shares Friday closed trading on the Istanbul Stock Exchange down 0.6% at 8.50 Turkish lira ($5.58), amid an overall market decline of 1%.
(YC-YC-E-ENG)


24.07.2010 11:26:05 TSI
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