Goldman Sachs applies for Istanbul office

LONDON/ISTANBUL

REUTERS Photo

Goldman Sachs has taken a step toward opening a representative office in Turkey, the U.S. lender has said, confirming news announced by the Turkish finance minister.

“Goldman Sachs is confirming that it has applied to the Banking Supervision and Regulation Agency (BDDK) to found a representative office in Turkey,” authorities at Goldman Sachs’ London center told Anadolu Agency yesterday.

The lender is currently overseeing its operations in Turkey through its London center.

Earlier in the day, Finance Minister Mehmet Şimşek said a large international investment bank had submitted its application to the BDDK, identifying that bank as Goldman Sachs.

“Of course, this is the first step, particularly in terms of investment banking,” he said during a live interview with broadcaster CNNTürk.

The move marked by Goldman Sachs, which has direct operations in 35 countries, could be interpreted as a vote of confidence in financial markets, some analysts have said.

“It may be willing to take a more active role because of its belief that the loan markets can grow further,” an analyst told daily Hürriyet, adding that the potential the bank might see in the merger and acquisition market could also be driving the investment.