RAM Ratings believes that the recent and unexpected resignation of Turkiye Finans Katilim Bankasi's (the Group) CEO, Derya Gurerk, will not exert any impact on the Group's credit rating. We have been in close communication with Turkiye Finans and its Saudi-based major shareholder, The National Commercial Bank (NCB), following the event.
Osman Celik, a long-serving employee of the Group, has been swiftly appointed as Acting CEO to helm the Group and lead its strategic initiatives. The Turkish banking regulator is expected to approve Celik's formal appointment as CEO by month-end.
While we do not discount further changes to the Group's management line-up, they are unlikely to materially or negatively affect Turkiye Finans' operations. With the firm support of NCB, the Group remains committed to its growth strategy while being vigilant on asset-quality pressures from the decelerating and volatile Turkish economy. Both Turkiye Finans and NCB have also dismissed news linking Gurerk's resignation to allegations of corruption.
Turkiye Finans carries AA3/P1 financial institution ratings from RAM while the RM3.0 billion Sukuk Murabahah MTN Programme issued by the Group's wholly owned asset-leasing subsidiary, TF Varlik Kiralama AS, is currently rated AA3. Both long-term ratings have a stable outlook.
Media contact
Chan Yin Huei
(603) 7628 1180
yinhuei@ram.com.my
© Press Release 2015
