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Erdoğan to transfer Turkish opposition party's stake in Isbank to treasury

Turkish President Recep Tayyip Erdoğan said his AK Party will introduce a law to parliament to facilitate the transfer of the main opposition party's 28% stake in Türkiye İş Bankası AŞ to the country's treasury, Reuters reported.

The stake was granted to the Republican People's Party, or CHP, by the Turkish Republic's founder, Mustafa Kemal Atatürk, according to the Oct. 13 report.

Erdoğan's party is already drafting the law, Reuters noted, citing the pro-government Sabah newspaper. The number of seats AK Party has in parliament, combined with those of the Nationalist Movement Party, which said it will support the legislation, will secure the majority needed for the draft law to pass parliament, the newswire noted.

In September, Erdoğan called on local authorities to look into the role of several members of the CHP on Isbank's board, with the bank saying it was too important to be made a subject of political debate and that trust in banks must be preserved for the national economy's sake.