Borsa Istanbul elects new CEO

ISTANBUL

Turkey’s stock exchange Borsa Istanbul has elected Korkmaz Enes Ergun as its new CEO.

Ergun, who was elected at an ordinary general assembly of Borsa Istanbul on March 26, has 24 years of experience in the stock exchange and capital markets. He had previously served as the deputy general manager of Borsa Istanbul where he was responsible for quotation.

His predecessor, Hakan Atilla, resigned on March 8.

Ergun started his career at Borsa Istanbul in 1997 as soon as he completed his degree in business administration at Ankara University. He obtained a master’s degree and a doctorate in economics from Istanbul’s Marmara University.

Erişah Arıcan, a professor from Marmara University, is keeping her position as Borsa Istanbul’s chairperson, while Ahmed Ali Al-Hammadi joined the board of directors to represent Qatar’s QH Oil Investment, which owns 10 percent of the stock exchange.

Other board members include Fahrettin Altun, the presidential communications director, and Yunus Arıncı, the chairman of the State Supervisory Council.

The Qatari Investment Authority acquired 10 percent of Borsa Istanbul for $200 million in November last year, implies a total equity value of $2 billion. Turkey Wealth Fund is the controlling shareholder of Borsa Istanbul, with 80.6 percent of all shares.

Turkey’s benchmark stock index ended last week at 1,382.15 points, down 0.88 percent from the previous close.

Closing the week with a total volume of around 1.1 trillion Turkish Liras ($133.6 billion), the benchmark index posted a daily trading volume of 22.5 billion liras ($2.8 billion).