Turkey’s Bank Asya is selling its 40% stake in Senegal-based Tamweel Africa Holding to the Islamic Corporation for the Development of the Private Sector (ICD) for EUR1.8m ($37.7m).
Bank Asya’s head of investor relations Cengiz Onder told Reuters, "We obtain TY41.3m profit through this sale and we expect this to have a positive impact on first quarter profitability."
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Last year, the bank faced a run on deposits owing to a power feud between now-President Tayyip Erdogan and Fethullah Gulen, a US-based Islamic cleric whose sympathisers founded the bank.
Depositors including state-owned firms and institutions reportedly withdrew TRY 4bn, amounting to nearly a fifth of the bank’s total deposits, to manifest their loyalty to Erdogan.
The lender plummeted to a TRY 301m ($133m) net loss in the third quarter, partly due to an increase in bad loans.
The bank has slashed 1,708 staff and shut down 80 branches, among its 5,074 staff and 281 branches at the end of 2013.
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