Earlier this month, according to Bloomberg, Taib Bank BSC, the Bahrain-based investment bank controlled by Dubai's ruling sheikh, said its Turkish unit bought Istanbul-based corporate finance advisors PDF Kurumsal Finansman Danismanlik Hizmetleri AS.
Taib Yatirim AS, the brokerage unit of Taib YatirimBank, bought PDF in cash and shares to expand its investment banking services in Turkey, Taib said in an e-mailed statement, without disclosing the price.
Taib's Turkish broking unit will be renamed Taib-PDF Menkul Degerler AS, the statement said.
"We are proud to have the PDF team join us to create the strongest corporate finance offering in Turkey," said TAIB Bank chief executive officer Iqbal G Mamdani.
Taib Bank is a unit of Dubai Financial Group, which is part of Sheikh Mohammed bin Rashid al-Maktoum's Dubai Holding LLC.
PDF is an Istanbul-based corporate finance advisory firm renowned for its Turkish market leadership in merger and acquisition activity, advisory services, tender offers, distressed debt management, privatisations and project financing.
To conclude with some last remarks, this looks like another foreign broker looking for playing time in the Turkish market, and with the experience of PDF, TAIF looks poised to get a piece of the M&A activity as Turkey blossoms.
Labels: acquisitions, Brokerage Houses, PDF Corporate Finance, TAIB