The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Banks face up to the capital crunch

Engin Akçakoca, the new director of Turkey's banking regulation and supervision agency, takes on the challenges of reforming the Turkish banking system, which is suffering from a deficiency of capital.

Engin Akçakoca

Sometimes the worst thing that can happen to someone advocating reform is to be told to go ahead and organize it. This is what seems to have happened to Engin Akçakoca, the new director of BDDK, Turkey's banking regulation and supervision agency.

The last time Euromoney interviewed Akçakoca he was sharply critical of lax supervision and bad governance and waxed lyrical about the need for reform. The ex-Citibank and American Express banker was then general manager of Kocbank, a medium-size bank owned by Turkey's richest family, the Kocs. Less than two years on he is chief regulator. But the system he wanted to change has become so frail that he is administering first aid, not proper surgery.

"The situation is far from ideal," he says bluntly. "The Turkish banking system has lost its capital base." Rating agency Fitch agrees: "Capital is the critical issue for the future of the banking system," proclaims a recent report.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree