Asya Participation Bank

Islamic lender Bank Asya, whose founders are known for having close ties with Islamic scholar Fethullah Gülen, has received another blow, as the Customs and Trade Ministry has joined with two other state institutions in cancelling their contract with the bank.

Moody’s has taken rating revisions on 11 Turkish banks, citing an increasingly challenging operating environment, which “is expected to persist for the next 12-18 months.”