The regulator cited article 8 of the Turkish banking law, which lists financial strength and transparency among issues that might contribute to the blocking of such an acquisition, although it failed to specify its exact reasons. The move follows a similar decision in early August when the Kuwaiti International Investor Co was told that its lack of financial strength meant it could not buy Adabank, and suggests that the Turkish authorities might be beginning to resist the rush of foreign investment that has greeted the recovery of the country’s banking sector.
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