EBRD gets stake in Istanbul Stock Exchange

Baku. 29 May. REPORT.AZ/ The European Bank for Reconstruction and Development (EBRD), started talks to buy a 10% stake in Istanbul Stock Exchange.Report informs referring to the EBRD's central office, the government of Turkey is now the sole owner of the Istanbul Stock Exchange.

This organization, was formed as a result of the consolidation of the Istanbul Stock Exchange, the Istanbul Gold Exchange and the Turkish Derivatives Exchange in 2013.

Today, pre-IPO agreement was signed between the EBRD's first vice-president Phil Bennett, the director of insurance and financial services, Noel Edison, the head of the Istanbul Stock Exchange Talat Ulussever and CEO Tuncay Dinch.

IPO will make a start next year and Turkey is expected to turn into a financial center for Central Asia, Southeast Europe and North Africa.

In last 6 years, EBRD invested 5 billion euros to more than 140 projects in Turkey and created conditions for acquisition of 12 billion Euros.