Gide has advised TEB Asset Management, a joint venture of Turk Ekonomi Bankasi and the BNP Paribas Group, on the acquisition of ING Asset Management, a subsidiary of ING Bank in Turkey. ING was assisted by Caliskan Okkan Toker.
The transaction closed on May 31, 2019, after regulatory approval was obtained.
According to GIDE, TEB Asset Management is expecting a combined asset size of both companies, which totalled TRY 9 billion in the first quarter of 2019, to keep growing as a consequence of the synergies resulting from this acquisition, and it is aiming to become one of the leading asset managers on the Turkish market.
Gide and its associated firm Ozdirekcan Dundar Senocak assisted TEB Asset Management with a team led by Partner Arpat Senocak.
The Caliskan Okkan Toker team was led by Partners Sezin Okkan Caliskan and Sezer Caliskan.
Editor's Note: The article was amended to update the Caliskan Okkan Toker team.