Bloomberg/Kerem Uzelby Kudakwashe Muzoriwa
Turkey’s sovereign wealth fund has acquired a 10 per cent stake in Borsa Istanbul from the European Bank for Reconstruction and Development (EBRD), bringing its stake in the Turkish bourse to 90.6 per cent.
In October 2019, the EBRD said it had a right to sell its stake in the company after Mehmet Hakan Atilla—a banker convicted in the US for helping Iran to evade economic sanctions—was appointed Borsa Istanbul’s Chief Executive Officer.
Additionally, Bloomberg reported that Zafer Sonmez, the CEO of the Turkish sovereign wealth fund said that the fund was planning to boost its holding in Borsa Istanbul and then take it public.
EBRD stated that the bank will continue supporting the introduction of alternative sources of finance as well as new fixed and floating rate instruments, such as Islamic instruments, debt funds, project bonds and securitisation in the country.