Turkey's Deposit Insurance Fund Takes Over Shareholder Rights in US-Sanctioned Golden Global Yatirim

Turkey's banking regulator announced on Wednesday that the Savings Deposit Insurance Fund (TMSF) will exercise shareholder rights attached to a 99.98% stake in Golden Global Yatirim Bankasi, the investment bank whose three shareholders have come under pressure following American sanctions.

The Banking Regulation and Supervision Board (BDDK) said the fund's authority covers shareholder rights but excludes dividend rights. The decision places effective control of nearly the entire shareholding of the investment bank under the state-backed deposit insurance mechanism.

The move follows sanctions imposed earlier this month by the U.S. Treasury Department on Golden Global Yatirim Bankasi and two of its subsidiaries. Those measures form part of the Trump administration's broader campaign to intensify economic pressure on Iran.

The regulator did not elaborate on the operational implications of the transfer or on the status of the bank's existing shareholders. Under Turkish practice, the TMSF can assume shareholder rights in banks deemed to require intervention, while dividend entitlements remain with the original holders.

Golden Global Yatirim Bankasi operates as an investment bank. The sanctions designation by Washington had already raised questions about its access to international financial channels before the regulator's announcement.