GKC Partners in association with White & Case has advised Garanti BBVA and the Alternatif Bank on their provision of a TRY 800 million dividend recapitalization loan to Test Tasit Muayene Istasyonlari Yapim Ve Isletme A.S. The Balcioglu Selcuk Ardiyok Keki Attorney Partnership advised the borrower.

Murat Demir has been promoted to Regional Partner and Dogus Gulpinar to Partner at Nazali Tax & Legal in Turkey and Ukraine, respectively.

Squire Patton Boggs, acting on behalf of the State of Turkmenistan, has persuaded the International Centre for Settlement of Investment Disputes to dismiss in full a claim of nearly USD 500 million brought against the country by Turkish construction company Sehil Insaat Endustri ve Ticaret Ltd. Sti. and its majority shareholder Muhammet Cap.

Turkey continues to prioritize the adoption and consistent implementation of sustainability principles throughout its economy. Indeed, the Turkish Capital Markets Board recently set a voluntary threshold for companies subject to its supervision, and many are finding the use of green buildings valuable in reaching them. In addition to their economic benefits, green buildings – which are socially and environmentally compatible with their environment – are gaining importance in determining a company’s level of sustainability credibility and sustainable investment commitment.

MC Legal has advised Ziraat GYO on its TRY 1.9 billion IPO in Turkey.

Itir Ciftci, who heads the Ciftci Attorney Partnership, the firm associated with Clifford Chance in Turkey, has been named the new Managing Partner of Clifford Chance's Istanbul office. taking over from Clifford Chance Finance Partner Jared Grubb, who held the role since 2016.

Norton Rose Fulbright’s Global Chief Executive Gerry Pecht has appointed Global Executive Committee member and Istanbul office Partner-in-Charge Ayse Yuksel Mahfoud as Global Head of Corporate, M&A and Securities at the firm.

Egemenoglu has advised Turkish beverage company Uludag Beverage on a EUR 15 million financing from the EBRD. The Balcioglu Selcuk Ardiyok Keki Attorney Partnership advised the EBRD on the financing.

Akol Law has advised Barclays Investment Bank, Credit Suisse, J.P. Morgan, ING, Nomura, Societe Generale, and Standard Chartered Bank on VakifBank's DPR securitization, which was valued at USD 1.75 billion. Kramer Levin Naftalis & Frankel reportedly advised Vakifbank on the deal.

GKC Partners in association with White & Case has advised sole lead manager Commerzbank AG on Alternatif Bank’s USD 200 million 10.5% Additional Tier 1 notes issuance. Ciftci Attorney Partnership in association with Clifford Chance advised the issuer.

Senior Attorney-at-Law Svetlana Todorova in Sofia and Managing Associate Eldar Mansurov in Moscow have been appointed co-leaders of Peterka & Partners' Turkish Desk.

Paksoy has advised Matriks Bilgi Dagitim Hizmetleri A.S. and an unidentified underwriter on the initial public offering of Matriks’s shares on the Borsa Istanbul stock exchange.

Akol Law has assisted both transportation services company Turex Turizm Tacimacilik Anonim Sirketi and ceramic tile producer Qua Granite Haya Yapi ve Urunleri Sanayi Ticaret A.S. on their initial public offerings at Borsa Istanbul.

Counsels Lucia Raimanova in Bratislava and Adam Fadian in Istanbul are among the 30 lawyers promoted to partner by Allen & Overy as part of the firm's global round, effective on May 1, 2021.

Over the last five years, Turkish payment services and payment systems have gone through turbulent times, with pressure both from competition authorities (demonstrated by BKM Express’ rollercoaster ride between 2016 and 2020) and financial market regulators. Though the power of incumbent banks remains strong, the market is liberalizing and opening up for fintech players.

On February 23, 2021, the Turkish Competition Authority (“Authority”) has published seminal judgments of the 13^th Chamber of the Council of State (“Council of State”). These are landmark decisions that upheld the Turkish Competition Board’s (“Board”) analysis within the scope of its decision regarding the allegations that Mey İçki San. ve Tic. A.Ş. (“Diageo Turkey”) violated Article 6 of Law No. 4054 on the Protection of Competition (“Law No. 4054”) through exclusionary practices in the vodka and gin markets (“Vodka and Gin Decision”). The decisions of the Council of State are of particular significance since they affirmed a very rare usage of the “ne bis in idem” principle (i.e., a legal concept that restricts the possibility of a defendant being penalized repeatedly on the basis of the same offence, act or facts with the same time period) in terms of competition law.

Gozde Kuscuoglu has joined BTS & Partners to lead the firm's FMCG and Retail department.

Turkish lawyers Candemir Baltali and Begum Yorukoglu have been promoted to Partner at CCAO in Istanbul.