S&P: Bank Asya will not affect ratings of Turkey

According to Standard & Poor's (S&P), the replacement of Bank Asya's management and upcoming general elections do not create risks for the banking industry. The international rating agencies' ratings for Turkey are not affected by the decision by the Banking Regulation and Supervision Agency's (BDDK) in regards to the seizure of Bank Asia. S&P futher noted that the bank's share in the banking system was only around 0.1 percent and therefore does not create any systematic risk for the banking sector. Moreover, Turkey's banking system is being positively affected by geopolitical developments with Turkish banks benefiting from what is happening in Russia and Ukraine.