Pamukbank Management Under Authority Of B.R.S.A.

ANKARA - The Banking Regulation and Supervision Agency (BRSA) announced on Monday that management, supervision and partnership rights of Pamukbank, which had earlier been stated to be transferred to its former owners, would be under the auspices of the Agency.
A statement of BRSA said that agreement was reached in negotiations with representatives of Cukurova Group and officials of the agency in order to protect rights and interests of account holders of Pamukbank, to solve ownership problem of Yapi ve Kredi Bankasi and to stabilize the financial system.
The statement noted that a protocol was signed.
The BRSA issued a statement on Friday in which it announced that management and supervision of Pamukbank and its partnership rights were transferred to Cukurova Group under the decision of the Council of State dated November 22, 2002.