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Bank Asya was incorporated in 1996 as a financial institution providing interest-free banking services. A large part of its shares (47.5 per cent) are held by 254 different shareholders, although Fitch understands that a limited number of large shareholders may have control of the bank. The remaining 52.5 per cent shares are on the free-float in the Istanbul Stock Exchange.
It provides banking services in its main business lines -- corporate, commercial, SME and retail banking -- with a focus on larger SMEs and trade finance. Bank Asya represented 1.4 per cent of total Turkish banking system assets (ranking 13th among 49 banks) and 1.7 per cent of total deposits (ranking the 10th) at end-Q310.
Kuveyt Turk's IDRs are based on potential support from its majority shareholder, Kuwait Finance House (KFH, rated 'A+'). The upgrade of the LT local currency IDR reflects Fitch's view that support would be likely to flow to KFH's Turkish subsidiary, if required. Kuveyt Turk's LT foreign currency IDR is constrained by the Turkish Country Ceiling of 'BBB-'.
The Positive Outlooks on the IDRs reflects that on the sovereign. Kuveyt Turk is 62.2 per cent-owned by KFH, which is, in turn, 48% owned by the Kuwaiti government via several public institutions. Kuveyt Turk engages in interest-free banking, primarily comprising corporate, commercial (mid-sized corporate) and SME lending. The bank was the 18th largest by unconsolidated assets among the 49 banks in Turkey with a 0.9 per cent market share as of end-9M10.
Source : http://www.cpifinancial.net/v2/News.aspx?v=1&aid=6788&sec=Islamic%20Finance - Dec 22, 2010
