Borsa Istanbul, Turkey’s main stock exchange, has officially announced its search for a bookrunner for its initial public offering of shares, the company said in a statement on Tuesday.

“Borsa Istanbul, the sole exchange entity of Turkey, intends to launch an IPO for the sale of shares, tentatively amounting to 42.75 percent of its existing share capital, owned by the Republic of Turkey Prime Ministry Undersecretariat of Treasury, with the objective of their listing in Turkey,” the statement said.

The selection process to find institutions, like banks or brokerages, to manage the IPO has begun, the statement said. Proposals may be prepared and submitted until march 6,

The Turkish government announced its intention to take the exchange public in November.

Turkey enacted a capital markets law in 2012 to improve corporate governance practices in the country. The government merged the Istanbul Stock Exchange, Gold Exchange and Derivatives Exchange into Borsa Istanbul in 2013 as it seeks to create an international financial center in the city.

As part of this process, Borsa Istanbul, in mid-January signed a deal allowing the London Stock Exchange to list futures and options based on its indexes and on some Turkish stocks. The company also signed a strategic partnership agreement with the Nasdaq OMX Group on Dec.31, 2013,

ritish insurer Aviva Plc and Turkey’s Sabanci Holding have mandated Citigroup and HSBC to sell between 20 and 25 percent of Turkish life and pensions joint venture Avivasa Emeklilik & Hayat Sigorta in an initial public offering, two sources told Reuters on Friday.

The share sale is not imminent as it is the subject of a feasibility study, one of the sources close to the matter said.

Aviva, Citi and HSBC declined to comment. Sabanci was not immediately available to comment.

Sabanci and Aviva may sell shares towards the end of 2014, Haluk Dincer, head of retail and insurance at Sabanci Holding, said on March 28.

Aviva is in the midst of a group wide restructuring led by Chief Executive Mark Wilson who joined the firm at the end of 2012 from Asian rival AIA, selling off non-core businesses, cutting costs and improving profitability.

The revamp has involved top level management changes and in October the group sold its U.S. business for $2.6 billion.


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