Reuters reported that Citigroup has now bought Opus Menkul Degerler, a brokerage house in Turkey, to grow its equities business.
Citi plans to change Opus Menkul Degerler (Securities)'s name to Citi Menkul Degerler A.S.
According to Opus Securities' website, "Opus Securities is regulated by Capital Markets Board of Turkey and holds equity brokerage, t-bill and repo trading, derivates brokerage, leverage equity transactions, investment consultacy and short selling licenses."
As quoted in the Reuters article, "Turkey's equity market capitalisation has grown sevenfold in the last five years, and the depth of the market has increased commensurately. This acquisition provides a fast and efficient route to position ourselves in the market," said Steve Bideshi, Chairman of Citibank A.S.
Just another example of how Turkey as an emerging market and the Istanbul Stock Exchange (IMKB) has come of age. As posted here, this year alone, other broker acquisitions have occured such as Credit Suisse buying up Baran Securities, and Standard Bank acquiring Dundas Unlu Securities.
Additional Info: A list of registered brokers on the (antiquated) IMKB site.
Technorati Tags: Credit Suisse, Baran Securities, Brokerage Houses, Trading Licenses, Deal Flow, Turkey, IMKB, Citigroup, Opus Securities, Acquisitions
Labels: acquisitions, Banking, Baran Securities, Brokerage Houses, Citigroup, Credit Suisse, IMKB, Trading Licenses