Turkey's Banking Regulation and Supervision Agency (BDDK) has approved an application from Doğan Holding to establish its own investment bank.
The BDDK said in its approval decision on March 18 that the new bank will operate under the name of “D Investment Bank A.Ş.” and will have a starting capital of 200 million Turkish Liras ($28.5 million).
Doğan Holding, owned by the 83-year-old Turkish billionaire Aydın Doğan, has interests in various sectors such energy, real estate and tourism.
But, banking is not a sector that Doğan Holding is unfamiliar with. In 1994, the holding bought controlling interest in Dışbank and then sold it to Fortis Bank NV in 2005.