ANKARA
Turkey’s Asya Katilim Bankasi, also known as Bank Asya, has closed 80 of its branches and cut its workforce by 1,708 people, according to a filing to the Public Disclosure Forum late on Thursday.
The move was made to reduce operating expenses in order to boost profitability in 2015.
Bank Asya’s profits and deposits tumbled in the nine months after December last year.
The bank posted a 301 million Turkish lira ($135 million) net loss in the third quarter of this year compared with a 60 million lira ($27 million) profit in the same period last year.
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