🔶 Ankara’s intervention in the control of Golden Global Bank after U.S. sanctions

Turkey’s Banking Regulation and Supervision Agency (BRSA) took control of Golden Global Bank, which the United States had sanctioned due to alleged ties to Iran, and transferred the associated shareholder rights for all shares of the bank’s investment holding shares to the country’s Deposit Insurance Fund. The move was carried out less than two weeks after the United States sanctioned the Istanbul-based bank for its links to Iran.

The country’s banking regulator announced on Wednesday, 16 September (25 Shahrivar), that the Savings Deposit Insurance Fund (TMSF) would exercise the shareholder rights associated with shares held by three shareholders of the bank, with the exception that the right to receive dividend payments does not include this authority.

In early September, the U.S. Treasury Department sanctioned Golden Global Bank and its two subsidiaries under the framework of “economic exclusion operations,” with the aim of cutting Iran’s access to the last remaining financial and economic channels.