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| 28.03.2005 |
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The EFG Eurobank Ergasias Group has concluded an agreement to acquire control of HC İstanbul Holding A.Ş., parent company of HC İstanbul Menkul Degerler A.Ş, member of the Istanbul Stock Exchange. The terms of the agreement were signed by the major shareholder HC Securities & Investment S.A. E., that controls 55.90% of HC İstanbul Holding A.Ş, and its remaining institutional and private shareholders.
After the completion of the transaction, which is subject to regulatory approval by the authorities, HC İstanbul Menkul Değerler A.Ş. the brokerage company, will not only seek to continue its three year successful expansion in the Istanbul Stock Exchange but also to expand its activities primarily into the local debt market, the recently established derivatives exchange in Izmir as well as into institutional asset management.
The company will continue its operations under the current management structure with its high level personnel lead by Ms. Elif Bilgi, the current Managing Director with prior experience in Goldman Sachs and Morgan Stanley, while Mr. Nikos Karamouzis, deputy CEO of Eurobank, will become the Chairman of the Board.
The agreement to acquire HC İstanbul Holding A.Ş. is part of a broader strategy by Eurobank to continue the geographical expansion of its operations in the Capital Markets and is in line with its strategy for expansion and increased presence in South Eastern Europe. With this transaction, Eurobank acquires access to Turkey, a large market in terms of population and size of economy, a few months after the European Union’s decision to launch pre accession negotiations with Turkey next October. At the same time, the Greek and international customer base of Eurobank, institutional, corporate and private, will have access to the entire spectrum of products and services offered in the Turkish market. |
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