Lehman Brothers, the global investment bank, announces the formal launch of its business in Turkey, affirming its commitment to this important and expanding market.
“During the first quarter of 2008 Turkeys economic growth accelerated more than expected, this economic stability means that the country remains attractive for leading foreign investors such as Lehman Brothers,” says Mehmet Simsek, the Turkish state minister for economic affairs.
Lehman Brothers opened an office in Istanbul in 2007 and acquired 100% of MNG Securities in October the same year. The Firm now offers full investment banking and capital markets services in Turkey.
The CEO of Lehman Brothers Turkey, Uzay Kozak, has been leading the build-out of the business since 2006. A Turkish national, Kozak has been key in helping Lehman Brothers build relationships with key corporate and institutional clients and government entities. Lehman Brothers has already been involved in a number of high-profile transactions in Turkey.
The Firm was adviser to Providence Equity regarding its acquisition of 46.7% of Digitrk and acted as a bookrunner on a 1.25 billion benchmark bond for the Republic of Turkey.
Other notable transactions include portfolios acquired from the Savings Deposit Insurance Fund, and more recent acquisitions from Sekerbank and Yapi Kredi. Lehman Brothers also has a renowned research capability and provides analysis of the Turkish economy as well as covering 12 Istanbul Stock Exchange listed companies.
“Building our business in Turkey is an integral part of the strategy to grow in Emerging Markets,” says Jeremy Isaacs, CEO of Europe, Middle East and Asia Pacific at Lehman Brothers.
“We look forward to continuing to work with corporate and public sector clients, introducing unique perspectives on how to successfully structure and execute transactions in a challenging market environment,” says Kozak. “We will also seek appropriate partnerships for investment opportunities in Turkey.”