Borsa Istanbul Equity Investment



Project number:


Business sector:

Non-depository Credit (non bank)

Notice type:


Environmental category:


Approval date:

24 Jun 2015



PSD disclosed:

29 May 2015

Translated version of this PSD: Turkish

Project Description

The EBRD is providing negotiations to acquire a 10% equity stake in Borsa Istanbul (“BI”), the sole exchange entity in Turkey, via the purchase of ordinary voting shares from BI.
The project is a continuation of EBRD’s efforts in supporting the development of Turkish capital markets. The Turkish Government has an initiative to establish Istanbul as a regional financial centre and BI is positioning itself as a financial hub for the broader region spanning through Central Asia, South Eastern Europe to North Africa. The EBRD equity investment will support this initiative and is part of Borsa Istanbul establishing strategic partnership as contemplated in the Turkish Capital Markets Law.

Transition Impact

EBRD as an investor and business partner will be able to support BI in the preparation of its planned IPO, as well as contribute to key development areas at BI such as improvement of corporate governance and potential regional expansion.
EBRD will also aim to contribute to further strengthening of Turkey’s capital markets.
The transition impact and demonstration effects associated with this potential investment are expected to include:
  • More widespread private ownership, i.e. the Government aims to place some of its BI stock with the public at the upcoming IPO;
  • Setting standards for corporate governance - EBRD will take an active role and add value to BI’s corporate governance; and
  • Market expansion - by growing the market overall by introducing new products, services and attracting both local and regional companies and investors to Turkey’s capital markets.

The Client

Borsa Istanbul A.S., incorporated in Turkey, is the fully integrated operator of capital markets in Turkey following the merger of the Istanbul Stock Exchange, Istanbul Gold Exchange, and Derivatives Exchange of Turkey in early 2013. BI’s exchange operations include activities such as trading, listing, registration, market data and indices. BI’s post-trade operations cover clearing, settlement, custody, and depository services through its subsidiaries Takasbank and MKK.

EBRD Finance

Equity investment 

Environmental and social categorisation, impact, and mitigation

Categorised FI. Borsa Istanbul (BI) will be required to comply with EBRD’s Performance Requirements 2 and 9 and  submit Annual Environmental and Social Reports to the Bank.

Technical Cooperation


Company Contact

Dobrin Staikov
Senior Banker
Tel: +44 20 7338 6839

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

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