Font Size
Share this article


Print Friendly Version
31 October 2019
INVESTMENT

Turkey plans to acquire EBRD’s 10 per cent stake in Borsa Istanbul

The European Bank for Reconstruction and Development (EBRD) opposed the appointment of an ex-Halkbank executive as the CEO of Borsa Istanbul because the lender was not consulted and is against the appointment.

bloomberg/ Ismail Ferdous


Turkey plans to acquire EBRD shares in Borsa Istanbul as the fallout deepens from the appointment of a convicted banker as head of the stock exchange, reported Bloomberg.

Zafer Sonmez, the Chief Executive Officer of the Turkish sovereign wealth fund, said that Türkiye Varlık Fonu (TVF) will raise its share in the country’s benchmark stock exchange to over 90 per cent with the transaction and prepare the company for an initial public offering in two years.

The fund, which controls assets worth tens of billions of dollars, showed interest after the EBRD said it could sell its 10 per cent stake in Borsa Istanbul, citing concerns over the appointment of Mehmet Hakan Atilla, who was convicted in the US for busting Iran sanctions, to lead the bourse.

TVF’s Sonmez said increased ownership in Borsa Istanbul complements the sovereign fund’s strategy to turn Istanbul into a regional finance centre.

Hakan Atilla, an ex-Halkbank executive was sentenced in 2018 to 32 months in a US prison following his conviction for helping Iran evade sanctions.

Recently, US prosecutors also charged Halkbank, Turkey’s second-largest state-owned bank, with taking part in a multibillion-dollar scheme to evade sanctions on Iran.


RELATED STORIES: BORSA ISTANBUL EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT TÜRKIYE VARLIK FONU HALKBANK

MOST READ


RECOMMENDED NEWS



BRANDS MAGAZINES LATEST EDITION

OUR BRANDS



CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.


Subscribe to our News Letter

Subscribe

© 2019 CPI Financial. All rights reserved.

No part of this website may be reproduced or used in any form of advertising without prior permission in writing from the editor.