Turkey's largest private bank, Isbank, increasingly has become a government target the last few years, increasing the perception of growing political oppression of the nation's banking sector.

Established in 1924 by the founder of the Turkish Republic, Mustafa Kemal Ataturk, Isbank has been under intense criticism by pro-government media since 2012. The latest attack, in January, came from Yigit Bulut, a key adviser to President Recep Tayyip Erdogan; Bulut openly said that the government must seize the bank.

The debate on Isbank revolves mainly around its partnership structure. Because of Ataturk’s will, 28% of the shares of Isbank belong to the main opposition party, the Republican People’s Party (CHP). Isbank is often drawn into heated political debate because of its partnership structure. Bulut, in a discussion on state television, said, “The CHP can't have an organic relationship within the bank. The bank must immediately be returned to the people and become a public bank.”

Bulut's comments stunned the markets, and the shares of Isbank lost approximately 5% of their value the next day. Isbank's management team was also shocked; there had been earlier calls to expropriate the bank, but this was the first direct statement by a senior official close to the president. A week later, Erdogan received a letter signed by Ersin Ozince, the chairman of the board of directors, and Adnan Bali, the general manager of Isbank. According to information obtained by Al-Monitor, the letter emphasized the deep-rooted history of the bank and expressed discontent with Bulut's statements.