Social media storm as Turkey’s VakifBank appoints ex-wrestling star and Erdogan adviser to board

Social media storm as Turkey’s VakifBank appoints ex-wrestling star and Erdogan adviser to board
Yerlikaya, right, seen during his glory days in his former day job. / Stock.
By bne IntelIiNews June 16, 2020

A social media storm blew up in Turkey after the country’s fourth-largest lender, VakifBank, appointed to its board a former Olympic wrestling star who serves as an adviser to President Recep Tayyip Erdogan and as a deputy minister for youth and sports.

Hamza Yerlikaya, 44, a Greco-Roman wrestler of the 1990s, was made an independent board member on June 12, the bank said in a stock exchange filing.

One social media user tweeted photos of Turkish oil wrestlers with captions reading “Vakifbank board members”, while another quipped that Yerlikaya would be asked to “pin down” VakifBank borrowers who failed to repay debts.

“It’s not right for banks to designate those with no banking experience to their management,” Faik Oztrak, spokesman of the opposition Republican People’s Party (CHP), told Bloomberg. “The ruling party has completely brushed aside merit-based assignments.”

Yerlikaya won his first world title in 1993, at the age of 17. He finished his career with seven world and Olympic medals and eight European titles. In 2007, he was elected a lawmaker for Erdogan’s ruling Justice & Development Party (AKP). In 2015, he was appointed as a senior adviser to the president.

Vakifbank increased its capital by about Turkish lira (TRY) 1.4bn ($207mn) in May as Turkey’s sovereign wealth fund, run Turkey Wealth Fund (TVF), became a major stakeholder. It posted a Q1 profit of TRY1.72bn, up 164% from the same period a year earlier.

Related Articles

Eurasian Development Bank redeems €286mn Eurobond

The Eurasian Development Bank (EDB) said on March 26 it had fully redeemed a five-year Eurobond, meeting all obligations to investors at maturity. The bank paid a total of €286mn, covering both ... more

Georgia’s TBC Bank weighs up separate IPO for TBC Uzbekistan digital bank

London-listed TBC Bank Group PLC (LON: TBCG) is weighing up conducting a separate initial public offering (IPO) for its TBC Uzbekistan digital bank business. Reuters on February 24 ... more

EBRD boosts Ukraine financing to record €2.9bn in 2025 amid war

The European Bank for Reconstruction and Development (EBRD) deployed a record €2.9bn in finance in Ukraine in 2025, up from €2.4bn a year earlier, the EBRD said in a press release. The EBRD ... more

Dismiss
liveChat() ?>