Citi has become the latest western bank to launch an equities business in Turkey after buying local broker Opus Menkul Değerler. The bank has had offices in Turkey since 1975 but now will be able to work on local deals without using an intermediary broker.

Merrill Lynch, Credit Suisse, UBS and Morgan Stanley have all bought local brokers in the last 18 months, in order to obtain broking licences.