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Renaissance Capital, the leading emerging markets investment bank, has agreed to acquire Istanbul-based brokerage firm Mira Menkul Değerler as part of its expansion into the Middle East and North Africa region, according to reports.
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Burak Akbulut, who is responsible for Turkey at Renaissance Capital, has been appointed acting chief executive officer of Renaissance Capital Turkey.
The acquisition expands Renaissance Capital’s platform to serve clients by facilitating the trading of equities and derivatives, as well as portfolio management. Mira is a member of the Istanbul Stock Exchange and İzmir Futures and Options Exchange.
Renaissance intends to complete the acquisition, which is pending approval from the Turkish Capital Markets Board, by December this year, officials said, adding that Mira will be fully integrated into Renaissance Capital’s pan-emerging-markets platform by 2012.
Renaissance Capital’s Istanbul office will primarily engage in trading, brokerage and research covering Turkey, the company said.
The firm said it planned a number of appointments to the Istanbul trading desk to build on its established research and capital markets capabilities. |
Source : hurriyetdailynews.com
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