Gülenist Bank Asya closes 80 branches, lays off 1,708 employees

DAILY SABAH WITH AGENCIES
ISTANBUL
Published 21.11.2014 11:19
Updated 21.11.2014 11:35
Gülenist Bank Asya closes 80 branches, lays off 1,708 employees

Bank Asya made an announcement through Public Disclosure Platform (KAP) on Friday stating that 80 branches have been closed and 1,708 employees have been laid off due to the change in the bank's financial size.

According to the bank's announcement, 80 branches were closed through merges with other branches, and the number of employees decreased by 1,708 employees compared to the end of 2013.

Bank Asya had 282 branches in July 2013.

The bank stated that the downsizing was enacted in order to decrease operational costs and increase the profitability in 2015.

Bank Asya had announced a net profit of 60.6 million TL (27.17 million USD) in the third quarter of 2013, while 2014's third quarter ended with a 301 million TL (134,97 million USD) loss for the bank, of which 249.6 million TL was recorded in the nine month period of 2014.

The bank, known for its ties with the Gülen movement, was heavily affected by the 17 and 25 December operations and the following political turmoil, which were labelled by the government as a coup attempt.

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