Bloomberg News

Isbank to Collect $1 Billion in Gold Deposits, Milliyet Says

June 12, 2012

Turkiye Is Bankası AS (ISATR), Turkey’s biggest bank by assets, plans to collect $1 billion of gold in its deposit accounts by the end of the year, Milliyet newspaper reported, citing deputy chief executive officer Erdal Aral.

As much as 5,000 metric tons of gold is stored “under the mattress” in Turkey, Aral said, according to the Istanbul-based newspaper. Gold deposit accounts have surged to 13.6 billion liras ($7.4 billion) from 3.1 billion liras within the past year, according to data released by the banking regulator, Milliyet quoted Aral as saying.

Click here for web link

To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus