Banking regulator takes over Libyan Turkish Bank

In line with UN Security Council decisions to freeze Libya's foreign assets, Turkey's banking regulatory fund yesterday temporarily took a controlling 62 percent stake in the Arab Turkish Bank, effectively taking over the bank.The Savings Deposit Insurance Fund (TMSF) said it was taking over the bank after Ankara moved to freeze the assets of the Libyan Foreign Bank, the bank's largest shareholder. The decision was taken in line with UN Resolutions 1970 and 1973, and the bank's shares will remain under TMSF control for as long as the UN resolutions stay in effect.