The Turkish government has passed a draft law establishing the Istanbul Financial Center (IFC). The IFC will bring together public and private banks, insurance, brokerage and asset management companies as well as other local and international financial institutions.
Financial companies that will set up in the hub will be able to benefit from deductions, exemptions and other tax advantages.
The Central Bank of the Republic of Turkey (CBRT) is considering moving its operations from the capital Ankara to the IFC.
The IFC consists of office space, a shopping mall, a conference center, auditoriums, a five-star hotel and a parking capacity of 26 000 vehicles.
The hub is expected to accommodate 100 000 employees and visitors on a daily basis.
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