Turkey's İşbank and Ziraat assume $18B capital cleanup

Turkey's two largest state-linked banks, İşbank and Ziraat, are taking over the cleanup of $18 billion in Turkish capital, likely referring to a restructuring of non-performing assets or a recapitalization effort. The move signals a state-led intervention to stabilize the banking sector, though details on the mechanism and impact on bank balance sheets remain unclear. This is a significant financial-sector development in a fragile emerging market.