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RenCap Buys Turkish Broker

Renaissance Capital agreed to buy Turkish brokerage Mira Menkul Degerler as it expands across emerging markets.

The acquisition of the Istanbul-based company requires Turkish regulatory approval and should be completed next month, RenCap said in a statement Friday, without providing details of the accord. Burak Akbulut, the Tera Menkul banker RenCap hired in September, will run Renaissance Capital Turkey.

"This acquisition complements the build-out of the firm's emerging markets franchise, and serves as a gateway to the Middle East and North Africa region," Akbulut said.

(Bloomberg)

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