| PDF Kurumsal Acquired by Taib Bank BSC |
| 16 June 2008 |
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
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| 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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| Investment Banks clamor toward Turkey; Scoop up Brokerages and Licenses |
| 15 March 2007 |
Turkey – the emerging market. Could it be that the political and fiscal doldrums of Turkey are in its past? Well, the statistics of Turkey’s evolution and its developing status tell an amazing story. Able to withstand the hiccup of the global markets and hot-money pull-out of last year, the Turkish market has been outperforming almost all of the world’s markets (at least up until the end of February). Faced with this “sense of stability”, major brokerage and investment houses have decided to set up shop in Turkey in attempts to reap the remaining benefits of this growing market. With a new deal being announced literally every month for the last six, could we actually call it a boom? Nevertheless, will the ghosts of Turkey’s past come back to haunt (hence, the implications of the most recent global downturn), or have these banks and investors really taken a leap of faith toward a hopeful and developed nation?
A list of entries and office openings (though not complete) is as follows:
 July 10, 2006
- French-British investment bank Rothschild said it will open a bureau in Turkey to take advantage of the fast-growing Turkish economy.
August 22, 2006
- Barclays Capital has become the latest investment bank to appoint a dedicated head for its Turkish business as investment banks crowd into one of the world's fastest-growing markets.
The UK investment bank, which has been recruiting aggressively under chief executive Bob Diamond, has hired Murat Talayhan from Standard Bank to a new role as head of investment banking in Turkey.
November 07, 2006
- Morgan Stanley announced its intention to open an office in Istanbul, Turkey. The Firm has received the appropriate approvals from the Capital Markets Board (CMB) of Turkey and plans to open an office in early 2007. Morgan Stanley has been active with clients in Turkey since 1990 and intends to offer a comprehensive range of business lines through its newly established presence, including investment banking, capital markets, sales and trading, real estate and commodities. In order to facilitate the establishment of an office, Morgan Stanley has acquired Arigil Menkul Degerler, a Turkish brokerage company, including its regulatory licences.
"As clients in Turkey demand sophisticated investment solutions across the range of asset classes, having local expertise and resources will be of significant benefit", said Gulnaz Aricanli, Head of Morgan Stanley in Turkey. "Turkey is a rapidly growing and strategically important market for the Firm and so to be involved in building and leading Morgan Stanley's business in Turkey is a great opportunity, and one with which I am excited to be associated."
December 27, 2006
- Credit Suisse could be the sixth international banking group to head for Turkey this year, after targeting a domestic broker that will give it access to the lucrative emerging market.
The Swiss-based banking group has been linked with Turkish brokerage Baran Securities, although it is understood that reports in the local press claiming the deal has already been signed is "jumping the gun". (Sourced: Aksam Gazetesi)
January 09, 2007
- Citigroup is to obtain a Turkish broking licence by acquiring a stockbroker in the country and hiring 12 staff for its Istanbul-based research and equities team. It is the latest expansion in Turkey by a foreign bank.
The move comes less than five months after Citigroup bought a 20% stake in Akbank, Turkey’s third largest bank, for $3.1bn (€2.5bn).
February 8, 2007
- Merrill Lynch said that it had opened an office in Istanbul and that it had expanded its investment banking team focused on the country. The bank will provide investment banking, corporate finance, risk management, advisory, research, securities origination, brokerage, dealer and related services in Turkey. Merrill Lynch announced three new Istanbul-based hires reporting to Kubilay Cinemre, head of global markets and investment banking at Merrill Lynch.
In December 2006, Merrill Lynch acquired a small private lender in Turkey, Tat Yatirim Bankasi, and its brokerage unit Tat Menkul Kiymetler AS. Tat Bank will take the brand name of Merrill Lynch in Turkey; and Tat Securities will become Merrill Lynch Menkul Degerler or Merrill Lynch Securities, it said at the time.
March 1, 2007
March 1, 2007
As always, I welcome any comments or additions to this list. It will be interesting to see who will be next. Any rumours availible can be discussed here. It definitely is not a bad time to have a licensed boutique investment house in Turkey. Now might not be a bad time to add those little atmospheric touches to the office to raise the value of the firm.
UPDATE: May 10th, 2007
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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 were not disclosed.
Source: Credit Suisse Press Release - May 10th, 2007
Alternate Source: IMKB Listings of Members - Brokerage Houses
Technorati Tags: Investment Banks, Brokerage Houses, Emerging Market, Global Markets, Deal Flow, Turkey, economy, Rothschilds, Barclays Capital, Murat Talayhan, Morgan Stanley, Gulnaz Aricanli, Credit Suisse, Citigroup, Akbank, Merrill Lynch, Kubilay Cinemre, Carlyle Group, Can Deldag, Standard Bank, Baran Securities, Standard Bank, Dundas UnluLabels: Banking, Brokerage Houses, IMKB, Trading Licenses
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| Standard Bank partners with Dundas Unlu; forms Standard Unlu |
| 06 March 2007 |
South Africa’s Standard Bank has acquired 67% of boutique brokerage house Dundas Unlu for an undisclosed sum pending Turkish and South African regulatory approval. The acquisition will be achieved by selling the entire shareholding of Alasdair Dundas, Tahincioğlu Holding A.Ş. and Özcan Tahincioğlu. Mahmut Ünlü, one of the founding partners of Dundas Ünlü, will continue in his role as CEO and the new partnership will be called Standard Ünlü.
{Standard Bank Press Release – Standard Bank and Dundas Unlu join forces in Turkey}
Standard Bank said in its statement, "This transaction is clear evidence of Standard Bank’s commitment to Turkey and is consistent with the continued development of its emerging markets franchise."
{Graph courtesy of Dundas Unlu}
Conjecture is still open for discussion and development on the reasons for this deal. Nonetheless, the current partners of one of Turkey’s leading M&A advisors have exited for ventures elsewhere. Time will tell where they end up. Clearly the grandstanding being done in a presentation/report by Dundas dated January 2007(pdf) and on the ground after the recent TAV deals and IPO has been rewarded. The report is very detailed and lists every boilerplate and deal since 1999.
Technorati Tags: Standard Bank, Dundas Unlu, Mahmut Unlu, M&A, Deal Flow, Turkey, Turkish, brokerage house, acquisitions, Private Equity, Fund ManagementLabels: acquisitions, Brokerage Houses, deal flow, Trading Licenses
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Publisher: Jon H. Black
