IslamicFinance.de

Turkey's Bank Asya said it was selling its 40 percent stake in Senegal-based Tamweel Africa Holding for 31.8 million euros ($37.7 million). Asya is selling the stake in Tamweel, which promotes Islamic finance in sub-Saharan Africa, to the Saudi-based Islamic Corporation for the Development of the Private Sector (ICD). The bank obtains 41.3 million lira profit through this sale and expects an positive impact on first quarter profitability, Cengiz Onder, Bank Asya's head of investor relations said. Besides, Bank Asya has laid off 1,708 staff and closed 80 branches, out of the 5,074 staff and 281 branches it had at the end of 2013.

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.