By Andrei Skvarsky.
Renaissance Capital has clinched a deal to buy out Istanbul-based brokerage Mira Menkul Degerler in building up its presence in Turkey.
Burak Akbulut, who has been in charge of RenCap’s business in Turkey, has been appointed as acting chief executive of the emergent Renaissance Capital Turkey, the Russian firm said in a statement.
RenCap plans hires for its Istanbul trading desk.
Mira Menkul, which is a member of the Istanbul Stock Exchange and Izmir Futures and Options Exchange, is to be fully integrated into RenCap’s global network by the end of March 2012. Its acquisition by the Moscow-headquartered company is expected to receive approval from the Turkish Capital Markets Board next month.
Earlier this year, Renaissance started trading on the Istanbul Stock Exchange.
It has also made a number of key Turkey-related hires.
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