Bank Asya on the defensive as Vakif firms up Islamic arm

Vakifbank will apply to Turkish authorities to establish a participation bank with $300m equivalent of paid up capital and a registered capital ceiling of TL1bn ($432m), the bank announced this week.Meanwhile, rival Turkish Islamic financial Bank Asya, while responding to an official investigation of its Bursa branch, completed a capital raise and announced the sale of a stake in Tamweel Africa Holding.