Morgan Stanley said it has received approval from the Capital Markets Board of Turkey allowing them to open an office in Istanbul in early 2007.
“This is an important strategic step for Morgan Stanley, and it further demonstrates our commitment to this key growth market for the Firm,” says Jonathan Chenevix-Trench, chairman of Morgan Stanley International. “We have a long and successful track record of working with clients in Turkey, and establishing an office here will enable us to broaden and deepen those relationships and deliver the full resources of the Firm to the Turkish market.”
Morgan Stanley has been active in Turkey since 1990, but its new presence will allow it to provide business in investment banking, capital markets, sales and trading, real estate and commodities.
The firm has also acquired the Turkish brokerage company Arigil Menkul Degerler and 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,” says 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.”