| Brokerage House Acquistions in Turkey - MNG to Lehman Brothers |
| 02 December 2007 |
Since this has been such a hot area as of late, I figured I might as well put them all in one location. Six Turkish Brokerages get snapped up by foreign buyers in the last 2 years. In addition, for a clear timeline of these acquisitions as well as other deals in the making with international investment banks, don't forget to check out a previous post: "Investment Banks clamor toward Turkey; Scoop up Brokerages and Licenses". In addition, for some of the acquisitions, you will see links that allow you to drill down to its specific Grandstanding Traction post.
Here are the latest brokerage house acquisitions of Turkish brokers by foreign buyers.
| Brokerage House Acquisitions in Turkey |
| Bank |
Date |
Acquirer |
Acquired % |
Amount Paid
(USD) |
| Arigil Securities |
Nov. 2006 |
Morgan Stanley |
100% |
Undisclosed |
| Tat Securities |
Dec. 2006 |
Merrill Lynch |
100% |
Undisclosed |
| Dundas Unlu Securities |
March 2007 |
Standard Bank |
67% |
Undisclosed |
| Baran Securities |
May 2007 |
Credit Suisse |
100% |
Undisclosed |
| Opus Securities |
Sept. 2007 |
Citigroup |
100% |
Undisclosed |
| MNG Yatirim Securities |
Oct. 2007 |
Lehman Brothers |
100% |
Undisclosed |
 The latest being 100% of MNG Yatirim to Lehman Brothers. Here were the details as of the signing in July:
Hergüner Bilgen Ozeke ("Hergüner") of Istanbul, Turkey represented Lehman Brothers Co. in its purchase of all of the shares of MNG Yatirim, a local brokerage house owned by the MNG Group of Companies (“MNG”). The deal was signed on 27 July 2007, and closing of the transaction is subject to the Capital Market Board’s (the “CMB”) permission. The parties applied for this approval on 30 July 2007. Provided that the deal is approved by the CMB, this transaction will allow Lehman Brothers to own a local brokerage house, which holds all CMB licenses, except for derivative transactions. Lehman Brothers, an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net-worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed-income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world. Hergüner’s team was led by partner Mr. Hakki Gedik, who is also co-head of the firm's banking and finance division. Other members of the team were associates Mrs. Yesim Api Samli, Mr. Umut Gurgey, Mr. Ali Sami Er, and Ms. Nilay Goker. Legal counsel for MNG was Ms. Asli Budak.
Here is Reuter's take on the Lehman/MNG deal.
 Technorati Tags: Brokerage Houses, Trading Licenses, AcquisitionsLabels: acquisitions, Baran Securities, Brokerage Houses, Citigroup, Credit Suisse, IMKB, Lehman Brothers, Merrill Lynch, Morgan Stanley, Standard Bank, Trading Licenses
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| Another Turkish Broker Gets Snapped Up: Citigroup Acquires Opus Securities! |
| 13 September 2007 |
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, AcquisitionsLabels: acquisitions, Banking, Baran Securities, Brokerage Houses, Citigroup, Credit Suisse, IMKB, Trading Licenses
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| Baran Securities Finally Gobbled Up By Credit Suisse |
| 11 May 2007 |
Rumoured last December that this may be jumping the gun, Credit Suisse finally made a play for Turkish brokerage house Baran Securities (Baran Menkul). According to Reuters, "Credit Suisse, which already had an office in Istanbul, said it now held a broker-dealer licence on the Istanbul Stock Exchange (IMKB) and would offer expanded equity sales, trading and research in Turkey." On May 5, Credit Suisse began trading under the name of Credit Suisse Istanbul Menkul Değerler A.S. Exact numbers of the deal were not disclosed.
I would like to thank my friends at Reform Kurumsal for passing on the Credit Suisse news courtesy of Reuters. I guess it only makes sense that Baran Securities became the top search term on Grandstanding Traction this week, with many visits by catalogued IPs from Credit Suisse. I should have known something was afoot. On a side note, I will be adding this post and updating my previous post, "Investment Banks Clamor Toward Turkey; Scoop Up Brokerages and Licenses." Congratulations to all!
Source: Credit Suisse Press Release - May 10th, 2007
Alternate Source: IMKB Listings of Members - Brokerage Houses
Technorati Tags: Credit Suisse, Baran Securities, Brokerage Houses, Trading Licenses, Deal Flow, Turkey, IMKBLabels: Baran Securities, Brokerage Houses, Credit Suisse, deal flow, IMKB, Trading Licenses, Turkey
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Publisher: Jon H. Black
