I will become a shareholder in a licensed payment institution with an 8% stake. Does this share transfer require approval?
If a person who did not previously hold shares directly or indirectly in the payment institution acquires less than 10% of the institution's capital, no approval is required. However, if the share purchased by this person is equal to and/or above 10%, the transaction is subject to approval. In addition, as stipulated in Article 25 of the Law, the transfer or creation of shares granting the privilege to nominate members of the board of directors or the audit committee, or the issuance of new privileged shares, is subject to the Board's approval regardless of the proportional limits in the first paragraph of that provision. For share transfers subject to approval, it is mandatory to apply to our Institution with the information and documents specified in the Regulation, and those acquiring the shares must meet the requirements sought for bank founders in Banking Law No. 5411. Share transfers that are subject to approval but for which approval has not been obtained from the Board cannot be recorded in the share ledger.