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Moody's to Review Halkbank for Downgrade After Deputy CEO Arrest

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Halkbank Deputy CEO Taken Into Custody at JFK Airport

Moody’s Investors Service placed the ratings of Turkey’s biggest listed state-owned bank on review for a possible downgrade after one of its executives was arrested in the U.S., accused of using his position to facilitate the evasion of U.S. sanctions on Iran.

The review will focus on the extent to which the investigation may affect confidence in Turkiye Halk Bankasi AS, the cost of the lender’s funding and its access to the wholesale markets, Moody’s said in a statement on Tuesday. Istanbul-based Halkbank didn’t immediately return a call seeking comment.