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.
MOST READ
INVESTMENT
India seizes Yes Bank, limits withdrawalsINVESTMENT
ING Groep plans to sell its Turkish unitINVESTMENT
SABB seeks to boost corporate lendingINVESTMENT
UBS launches new private client programINVESTMENT
Egypt plans to resume IPOs of parastatalsINVESTMENT
HSBC considering exiting from TurkeyINVESTMENT
Abu Dhabi’s Group 42 acquires BayanatINVESTMENT
Amanat considers stake in VPS HealthcareINVESTMENT
KIZAD, ECI partner to support UAE businessesINVESTMENT
Fiat Chrysler, PSA explore a potential mergerINVESTMENT
UBS investment bank job cuts reach EuropeINVESTMENT
Saudi Aramco plans to complete IPO this yearINVESTMENT
Emirates NBD’s launch of E20. credit positive
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.
Loading More post
