"Yesterday as our prime minister expressed clearly, Turkey will do whatever is necessary to support its banking sector," Simsek said during the 8th Bosphorus Summit held in Istanbul.

Referring to ongoing legal proceedings in the U.S., Simsek said: "If the banking sector is affected by this case, we will do whatever is needed. We are watching this case, which has considerable political dimensions. Nevertheless the banking sector has a large resilience to shocks."

Simsek’s comments come amid a U.S. trial in which Turkish businessman Riza Sarraf, detained last year for alleged sanctions evasion, is due to testify in the case of Mehmet Hakan Atilla, the deputy CEO of state-owned Halkbank.

U.S. federal prosecutors said Sarraf has pleaded guilty to the seven charges against him, and that he will “testify as a witness” at the trial, which began on Tuesday.

Anadolu Agency