Forex-Az enters Turkish stock market

The Azerbaijani "Forex-Az" company purchased a license of the Turkish company "Ada Menkul Degerleri", which is a part of the deposit insurance fund (Tasarruf Mevduatı Sigorta Fonu), for the transactions on the Turkish securities market, Ekoayrinti news portal said today.

According to the information, "Forex-Az" company paid 2.606 million pounds for a license. A license was sold through the tender. Azerbaijani company "Forex-Az", Turkish Bank Asya and holding Guler Yatirim claimed to acquire this right.

Initially, Bank Asya claimed to obtain a license "Ada Menkul Degerleri" but later Tasarruf Mevduatı Sigorta Fonu reconsidered its decision. This right was transferred to the Azerbaijani company, which offered a big price.

"Forex-Az" company is the first forex company in Azerbaijan. It has been rendering financial instruments for trade on global financial markets since 2000. It has a representative office in Turkey.

Tasarruf Mevduatı Sigorta Fonu was established in 1983. The fund deals with the deposit insurance, the assessment of the volume and the amount of physical entities' deposits. The main objective of the fund is to protect deposits.


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