Turkish banking regulators on Friday have passed the decision to seize the entire shares of the Gülenist Bank Asya, due to the bank's failure to fulfill its obligations despite the measures taken by Turkey's banking watchdog Banking Regulation and Supervision Agency (BDDK).The BDDK said that the rest of the shares of Bank Asya have been transferred to the Savings Deposit Insurance Fund (TMSF) after the Bank's profits and capital base have collapsed despite being put under the scope of Article 70 of Turkey's banking law, which regulates BDDK's intervention in troubled banks.The BDDK statement said that the troubles in [Bank Asya's] financial structure, administration and operations pose risks for the depositors, as well as the security and stability of the financial system.The TMSF said in a separate statement Friday Bank Asya's banking license had not been canceled at this stage. "Savers -- local or foreigner -- who have engagements with the Turkish banking system do not need to worry about the situation," the fund said.On Feb. 4, TMSF took over the management of the bank and appointed a new chief executive officer and board of directors when regulators have found that the bank did not comply with transparency requirements with respect to disclosure of Bank Asya's partnership structure.Turkish banking regulators have also seized management of some preferred shares in Bank Asya held by publisher Surat Basim and construction company Forum Insaat; regulators cited irregular share transfers to a Dutch firm in January.Bank Asya was founded by business figures who had links with the Gülen Movement, led by U.S.-based imam Fethullah Gülen. Gülen's followers are accused of infiltrating state institutions to gain control of state mechanisms and illegal wiretapping, forgery of official documents and espionage.