Turkey's banking watchdog bailed out Wednesday a troubled private bank and banned the activities of a second one on the grounds they were no longer able to meet their financial obligations.
The board of banking regulation and supervision said in a statement that the management of Demirbank had been handed to a central bank fund, which has already taken over the management of 10 other ailing banks.
The license of Park Investment bank, on the other hand, had been withdrawn because the continuation of its activities constituted a risk to the stability of the financial system, the board said -- ANKARA (AFP)
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