A joint Turkish, Greek and US group is setting a $45 million capital fund to help small and medium-sized enterprises, Anatolia news agency reported at the weekend.
The Bosporus Capital Partners venture has been set up by the brokerage firm Garanti Yatirim, the U.S. investment bank JP Morgan Capital, and the National Bank of Greece have - with equal contributions from the three institutions.
The deal to start the fund was closed with a signing by the parties yesterday. Garanti's parent company Dogus Holding's CEO Ferit Sahenk described it as a "show of confidence" - the most important factor in international markets and investment.
Sahenk said the fund would be a bridge between international investors and Turkish entrepreneurs. He added that a public listing of the fund was being considered for the future.
National Bank of Greece governor Theodore Karatzas said regional development was a key factor in globalization. "The Turkish economy is vital to this region," he said, adding the Dogus Group was very strong in Turkey's financial sector.
The European head of JP Morgan Capital, Pierre Dupont, said he was thrilled by the partnership. "The strong potential of the Turkish economy is reassuring," he said.
We plan to concentrate on SMEs (small-medium enterprises.) We are not making distinctions by companies or criteria in our deals at the moment."
Dupont went on to say that the capital of the new company would shortly be increased from $45 to $100 million through international funds.
At the end of the meeting, Dogus CEO Sahenk told reporters that a decision still pending on the planned initial public offering (IPO) of auto distributor Dogus Otomotiv would be finalized in a few weeks.
He said negative sentiment in the stock exchange would not change the plan if the company decided to move ahead with the IPO. –(Albawaba-MEBG)
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