Turkey's banking watchdog, the BDDK, has transferred the management of three banks and two factoring companies to the Savings Deposit Insurance Fund (TMSF), Bloomberght reported on Wednesday. The regulator announced the move publicly, according to the outlet.
Coverage of the decision varied across Turkish media. Hürriyet reported that five companies were handed to the BDDK as part of a fund investigation, while NTV Haber described five fund companies being transferred to the TMSF in the same probe. Gazete Oksijen also carried the BDDK's announcement about the three banks and two factoring firms.
The reports point to a single investigation touching both banking and factoring businesses. Milliyet reported that the former head of the SPK, Turkey's capital markets regulator, is expected to give testimony as part of the inquiry.
The material available does not name the institutions involved, state the reasons for the transfers, or specify the size of the affected businesses. It also does not detail what the TMSF's management role will involve in practice.
What to watch next: whether the BDDK or TMSF publish the names of the affected firms and further details of the investigation, and how the former SPK chief's testimony proceeds.
