Turkey's banking regulator chief resigns over fund allegations

Şahap Kavcıoğlu resigned as chairman of Turkey's Banking Regulation and Supervision Agency (BDDK) following allegations concerning a fund. He announced his resignation in a social media statement and asked President Recep Tayyip Erdoğan for forgiveness so the institution would not suffer further damage.

Kavcıoğlu said he was grateful to the president for entrusting him with the position. He also stated that the claims against BDDK and himself were entirely baseless and lacked legal or factual grounds.

“Bankacılık Düzenleme ve Denetleme Kurumu ve şahsımla ilgili son günlerdeki iddialar üzerine, Kurumumuzun daha fazla yıpranmaması için Sayın Cumhurbaşkanımız Recep Tayyip Erdoğan'dan affımı istedim.”

Before resigning, Kavcıoğlu gave an interview to Sözcü writer İsmail Saymaz. When asked whether he was a suspect in the fund investigation, he said BDDK was one of Turkey's most reputable institutions and had no direct or indirect involvement in fund matters.

Saymaz later commented on Sözcü TV that Kavcıoğlu had wanted to put his statements on record. He said they spoke at 20:30 the previous day and that the chairman answered all questions clearly.

BDDK had issued a statement on 30 October 2026 rejecting the allegations as disinformation. The agency said it would launch legal proceedings against those targeting its reputation with unfounded accusations.

Kavcıoğlu was born in Bayburt in 1967. He graduated from Dokuz Eylül University's Faculty of Economics and Administrative Sciences, Department of Business Administration, and completed his master's and doctorate at Marmara University's Institute of Banking and Insurance.