Ziraat Bank

Çukurova Holding has said it paid Russia’s Alfa Group $1.6 billion to recover a disputed stake in Turkcell, taking a major step toward regaining control of Turkey’s biggest mobile phone operator after a seven-year battle.

Turkey’s Council of State has ordered a stay of execution for the government’s decision to “urgently expropriate” an olive grove in western Turkey in order to build a wind farm power plant, marking a legal victory for the plot’s 80-year-old owner, “Auntie” Remziye Saatli.

State-owned Ziraat Bank has dismissed questions over the reason for the U.S. Federal Reserve’s request for a money laundering action plan, describing the deal between the two parties as a “consensus reached as a result of routine auditing.”

The U.S. Central Bank Fed and Turkey’s state-run Ziraat Bank have inked a deal that obliges the latter to submit an “acceptable written plan” against money laundering in two months.

Turkish Islamic lender Bank Asya, which has been the subject of focus due to its owner’s known links with Islamic scholar Fethullah Gülen, has ruled out reports of ending share sales talks with Qatar Islamic Bank (QIB).

The Turkish Central Bank topped the corporate tax champion list in 2013 by paying nearly 900 million Turkish Liras, figures released by the Revenue Administration have reported.

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.”