Turkish Bank Roiled By Politics

Trading in the shares of Turkey's third-largest Islamic lender, Asya Katilim Bankasi AS, was temporarily suspended Thursday after its share price whipsawed in the last 24 hours amid conflicting government statements about a takeover of the bank. Bourse Istanbul made the announcement just as the afternoon session commenced. Shares of the lender known as Bank Asya plummeted by as much as 9% on Thursday after Prime Minister Recep Tayyip Erdogan’s chief adviser, Yigit Bulut, decried talks of an acquisition by the state as a farce, reversing a 7% rally from Wednesday. The stock was down 5.3% at 1.24 liras ($0.57) at midday before trading in the shares was halted. Bank Asya was also hit Thursday by the Presidency of Revenue Administration and the Social Security Institution, which canceled agreements.