Dogan Sirketler Grubu Holding will either buy an existing investment bank or apply for a licence to start one.
Tuesday 10, September 2019
Turkish billionaire Aydin Dogan plans to enter investment banking after exiting consumer lending 14 years ago and breaking up a media empire that once put him in running battles with President Recep Tayyip Erdogan, reported Bloomberg.
The 82-year-old’s holding company, which has interests in energy, real estate and tourism, is seeking to return to an industry it is familiar with. The group in 1994 bought Disbank and then sold it 11 years later to Fortis Bank, which was later acquired by French-lender BNP Paribas.
The company will use a cash pile built up after exiting its media assets.
Dogan Holding last year hived off its media businesses for $893 million after coming under criticism from Erdogan as representing old Turkey, a term that refers to the secular elite who once dominated Turkish politics, culture and business.
Additionally, in 2009, the firm got a $3.3 billion tax fine, which started the sale and closure of several newspapers.