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ARTICLE · 09 MAY 2019

BRSA Facilitated Turkish Banks' Cross-Border Activities

Esin Attorney Partnership
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The Banking Regulation and Supervision Agency (the "BRSA") amended its Regulation on Banks' Transactions Subject to Approval and Indirect Shareholding (the "Amendment").

TurkeyFinance and Banking
Muhsin Keskin
Muhsin Keskin
Ilyas Gezer
Ilyas Gezer
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Recent Development

The Banking Regulation and Supervision Agency (the "BRSA") amended its Regulation on Banks' Transactions Subject to Approval and Indirect Shareholding (the "Amendment").

What's New?

  • Currently, Turkish banks must obtain approval from the BRSA to establish new subsidiaries in Turkey or abroad; to acquire any shares of domestic or foreign companies; or to open offshore branches or representative offices abroad.
  • The Amendment introduces a new exemption to the requirement of the BRSA's approval for banks' acquisitions of domestic companies' shares. Accordingly, participation banks (also known as Turkish Islamic banks) will not need to obtain the BRSA's approval for financing provided to domestic companies as capital contribution under the investment partnership model pursuant to Article 19 of the Regulation on Banks' Loan Transactions.

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