People stage a protest against the seizure of the Islamic Bank Asya, in front of a Bank Asya branch in downtown Ankara on February 4, 2015. AFP PHOTO / ADEM ALTAN
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Turkey has taken control of Bank Asya, the Islamic lender caught up in a feud between President Recep Tayyip Erdogan and U.S.-based Muslim preacher Fethullah Gulen.The action by Turkey's banking regulators follows a run on deposits at Bank Asya last year when the lender became embroiled in the power struggle between Erdogan and Gulen, whose followers had set up the bank.Bank Asya said Wednesday that its operations would not be affected.The main Istanbul share index fell 1.29 percent, with banks down 2.49 percent, also pressured by the central bank's decision Tuesday not to hold an early policy meeting to cut rates.Bank Asya depositors, including state-owned companies and institutions, last year withdrew 4 billion lira ($1.7 billion), or some 20 percent of its deposits, according to media reports.A 2023 dollar bond issued by Bank Asya jumped 10 cents in price to its highest level since mid-September 2014 .
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