Turkey's Ziraat Bank shuts New York branch: reports
Ziraat Bank, Turkey’s biggest lender, shut down its only branch in New York, according to reports in Turkish media including the secularist Cumhuriyet newspaper.
The bank ceased operations at its branch in the city in June and has now closed the office down entirely, Cumhuriyet said. The business in 42nd street was not listed among foreign representative branches on its website on Tuesday.
Ziraat Bank, owned by Turkey’s sovereign wealth fund since last year, has been implicated in a fictitious gold-trading scheme by Iranian-Turkish businessman Reza Zarrab, who has appeared as a key witness in the New York trial of an employee of another Turkish state-run lender, Halkbank. Turkey's government has dismissed the prosecution's case as fictitious.