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

Uzbekistan’s key rate held at 14% as central bank points to fears over reacceleration of inflation

Uzbekistan's central bank on April 25 kept its benchmark interest rate on hold at 14%, pointing to risks that inflation could once more accelerate. Planned hikes of state-regulated prices for ... more

Bulgaria's BACB to acquire 99.94% of Tokuda Bank

The Bulgarian-American Credit Bank said on April 16 it has agreed to acquire 99.94% of local Tokuda Bank from Japan-based Tokushukai Incorporated. The two banks are among the smallest in Bulgaria ... more

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

Dismiss