Deutsche Bank has finalized an agreement to take total control of Turkish brokerage company, Bender Menkul Degerler Anonim Sirketi, by acquiring the remaining 60% it does not already own. The German bank expects to complete the deal, for which financial terms were not released, in the second quarter.
Bender Menkul Degerler Anonim Sirketi, also known as Bender Securities, is a mid-size brokerage house based in Istanbul, Turkey. It is active in Turkish equity and fixed income research, trading and equity issuance. Additionally, Bender Securities has a significant international institutional client base.
Deutsche Bank initially acquired a 40% equity stake in Bender Securities from its senior management in July 2000. Since then, Deutsche Bank and Bender Securities have co-operated closely in the Turkish market, particularly on a number of block trades and derivative transactions for companies based in Turkey.
The German bank pointed out that Bender Securities would continue to operate under its own name and retain existing management after completion of the acquisition.
Commenting on the transaction, Kay Haigh, Head of CEEMA within the global markets division of Deutsche Bank, said: The acquisition of Bender Securities reflects our increasing commitment to a market in which we see significant growth prospects.