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Weekly Lists
September 21, 2018 www.intellinews.com I Page 23
bne:Banker
Turkish president calls for probe into opposition’s Isbank board role
The embattled Turkish lira over September 17 and early September 18 gave up almost all the gains it made after last week’s major rate hike after investors were spooked by a call from President Recep Tayyip Erdogan for an investigation into members of the main opposi- tion party who serve on the board of Turkey’s biggest lender, Isbank.
The market took his comments as a sign that the strongman might be preparing to nationalise the bank — as called for by one of his top aides in 2016.
Hurriyet newspaper quoted Erdogan as saying authorities should look into members of the Republican People’s Party (CHP) in rela- tion to the party’s 28% stake in Isbank. It was bequeathed to the CHP by Mustafa Kemal Ataturk, founder of the Turkish Republic, who was behind the creation of the bank in 1924 with a personal capital contribution.
The first Exchange Traded Fund (ETF) based on Russian financial law has been listed on the Moscow Exchange (Moex) by Sberbank Asset Management and Sberbank CIB, Vedomosti daily reported on September 17 citing Moex representatives.
Russian law now defines the Bourse Participative Investment Fund (BPIF), which is traded similarly to usual ETFs, is highly liquid, and closely follows the dynamics of the cost of the fund's assets.
ETFs have sprung to prominence in the last decade and now make up the bulk of the equity investment into Russia’s shares. They are cheap and easy to use and as they are traded on foreign exchanges they avoid the country and currency risks some other more direct methods of investing into Russian stocks have.
Several controversial land transactions carried out by Slovenia’s Bank Asset Management Company (BAMC), the country’s so called bad bank, are being investigated by the police and are subject to an audit, news portal siol.net has revealed.
BAMC was established in March 2013 as a government-owned company tasked with facilitating the restructuring of banks of systemic importance to the economy that were facing severe solvency and liquidity problems.
According to the news portal, the transactions under investigation involved sales of property through intermediaries which made high profits on the back of them.
Sberbank launches Russia's first ETF
Land sales by Slovenia’s ‘bad bank’ under investigation