BRSA approves conversion of Adabank into a participation bank

The Banking Regulation and Supervision Agency (BRSA) has granted permission for Adabank AŞ to change its status to a participation bank.

The BRSA's decision regarding the matter was published in the Official Gazette.

The statement read, "As a result of the evaluation of the request to change the status of Adabank AŞ, which operates as a deposit bank, to a participation bank; it has been decided to grant the Bank permission to engage in activities related to 'acceptance of participation funds' as specified in clause (b) of the first paragraph of Article 4 of the Banking Law No. 5411, and 'financial leasing transactions' as specified in clause (t). Along with the decision, it was decided to revoke the Bank's 'deposit acceptance' authorization within the scope of the second paragraph of the aforementioned article."