Istanbul exchange names finance professor as chairman ahead of IPO

ISTANBUL - Reuters

Turkey’s main stock exchange names economist and finance professor Talat Ulussever as its new chairman.

Borsa Istanbul elected a U.S.-educated economist and finance professor as its next chairman on March 31, as Turkey’s sole stock exchange gears up for a 2016 public offering.

Talat Ulussever, who was elected at the bourse’s annual general meeting, takes the helm at a time when the government wants to jump-start an equity market that has punched below its weight for years.

Although Turkey has broken into the list of the world’s top 20 economies, its stock market has not kept pace, with most of the trade centered on a handful of large-cap stocks.

The bourse, which has previously said it plans a stock flotation as early as this year, now sees the first half of 2016 as “suitable” for the listing, its acting general manager said on March 31.

Prime Minister Ahmet Davutoğlu wants to turn Istanbul into a global financial hub, an ambitious target given the challenge from other emerging market rivals such as Dubai.

Worth $220 billion, Turkey’s equity market is dwarfed by several emerging market rivals, such as South Africa, whose stock market is several times bigger.

Ulussever holds a doctorate in economics from the University of Kansas and has taught at universities in the United States and Saudi Arabia.