Tera Holding chairman appointed Pusula Finans chair as takeover awaits approval

Tera Finansal Yatirimlar Holding

14/09/2026 10:57

GDANSK, Sept 14 (Reuters) - Tera Holding Chairman Emre Tezmen has been appointed chairman of Pusula Finans Holding as an acquisition deal between the two groups awaits regulatory approval, according to a company statement on Sunday.
Tera Finansal Yatirimlar Holding Deputy Chairman Erkan Kilimci was also appointed to Pusula's board, the statement to the Borsa Istanbul by Pusula's listed unit Katilimevim said.
The transaction, first announced on Wednesday, covers savings and financing companies Katilimevim KTLEV.IS and Birevim, as well as Islamic bank Iktisat Katilim Bankasi. Tezmen said in a post on X that the deal also includes Pusula Holding and its fund management company.
Shares in Katilimevim fell 10% on Monday, hitting Borsa Istanbul's daily loss limit, while Tera Finansal Yatirimlar Holding was down 1.9%. Shares in brokerage Tera Yatirim Menkul TERA.IS were up 2.4% at 0952 GMT.
According to Turkish Capital Markets Board (SPK) data for August, Pusula's fund management business oversaw more than 633 billion lira ($13 billion) in assets, up from 46.8 billion lira a year earlier, while Tera managed 687 billion lira, up from 65.4 billion lira. The figures made them Turkey's eighth- and sixth-largest fund management companies, respectively.
The deal comes after regulatory changes restricting funds' concentration in individual companies. Pusula said in early September that it had seen an outflow of 107 billion lira from two of its funds, down some 90% of their size.
Data from Turkey's official fund information platform TEFAS showed the number of investors in Pusula's exchange-traded funds fell to about 140,000 on Friday from 241,000 on Aug. 31, while the funds' size decreased to 64.4 billion lira from 190.1 billion lira over the same period.
($1 = 48.6173 liras)

(Reporting by Mirac Eren Dereli; Editing by Daren Butler)
((miraceren.dereli@thomsonreuters.com;))