Unicorn Investment Bank enters Turkey - Bank acquires 75% equity stake in Turkey’s Inter Yatirim
Bahrain, 21 January 2007 - Bahrain-based Unicorn Investment Bank (Unicorn) and Turkey’s Inter Yatirim Menkul Degerler A.S. (Inter Yatirim) announce the completion of a deal which sees Unicorn acquire a 75% equity stake, including 100% of Class A (Management) shares, in brokerage and asset management company Inter Yatirim.The acquisition, which has been approved by both Turkey’s Capital Markets Board (CMB) and the Central Bank of Bahrain (CBB), was finalized last week.
Headquartered in Istanbul and with a branch office in Ankara, Inter Yatirim is fully licensed by the CMB to undertake brokerage activities. The company also provides asset management services through its subsidiary Inter Portfoy A.S.
Unicorn was established in Bahrain in 2004 and is an Islamic investment bank, with representative offices in Dubai, the US and Malaysia. The Bank is built around six core business lines: Asset Management, Corporate Finance, Capital Markets & Treasury, Private Equity, Strategic Mergers & Acquisitions and Takaful (Islamic insurance). In addition to growing its business organically, Unicorn Investment Bank pursues an inorganic growth strategy which involves establishing partnerships with well-run regional and international institutions in growing markets.
Commenting on the acquisition, Najib Fayyad, Managing Director of Private Equity (Middle East & Turkey) at Unicorn, said: “This strategic partnership provides us with a tremendous opportunity to leverage the synergies between Unicorn and Inter Yatirim to the benefit of both institutions. As a respected company enjoying a premium reputation within Turkey, Inter Yatirim complements the Bank’s strategic objectives and will allow us to strengthen our distribution channels. At the same time, Unicorn is well placed to provide Inter Yatirim with the resources and expertise required to carve a clear niche for the company and to propel future growth.”
Mehmet Necati Yagci, Chairman of the Board of Inter Yatirim, added: “The partnership with Unicorn is a natural and logical step in the evolution of our company and will position Inter Yatirim for accelerated growth and solid performance in the future. Unicorn Investment Bank is a highly respected institution that has repeatedly demonstrated the strength of its business model over the past two years, and we look forward to working with the Bank’s management to explore ways in which we can deliver a compelling business platform that will allow us to expand Inter Yatirim’s presence in Turkey and meet a broader range of client requirements.