Turkey's Bank Asya sells Tamweel Africa Holding stake
Turkey's Bank Asya has signed a deal to sell its 40 percent stake in Tamweel Africa Holding to the Islamic Corporation for the Development of the Private Sector (ICD) for 31.8 million euro ($37.7 million). Bank Asya suffered a run on deposits last year as it became embroiled in a power struggle between now President Tayyip Erdogan and his former ally-turned-foe Fethullah Gulen, the Islamic cleric whose sympathisers founded the bank.
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