22.10.2026 08:50
JPMorgan, one of the world's leading financial institutions, made a statement after deciding to apply to the Capital Markets Board (SPK) for the cancellation of its intermediary institution operating license in Turkey. Responding to assessments that it would withdraw from Turkey, the bank announced that, far from ending its operations, it had decided to expand its banking operations in the country.
JPMorgan Securities AŞ's announcement that it will apply to the CMB to have its brokerage firm operating license revoked has raised questions about the company's future in Turkey.
JPMorgan Istanbul Branch announced the reason for and scope of the decision to the public through a statement made to the Public Disclosure Platform (KAP).
The company stated that the transaction in question would not affect its banking activities in Turkey and that it was intended only to regulate the legal status of the brokerage firm, which had not been active for a long time.
HAS NOT OPERATED SINCE 2015
It was announced that JPMorgan Securities AŞ has not carried out capital market activities or provided investment services to customers since July 3, 2015.
It was stated that the decision to revoke the operating license was not newly taken and that it had taken shape as a result of discussions held with the CMB in past years.
The following statements were used in the company's statement:
“In the context of the announcement previously made regarding J.P. Morgan Securities A.Ş. (the “Company”) intending to apply to the Capital Markets Board (the “CMB”) for the revocation of its operating license, it has become necessary to make the following statement in order to eliminate possible public concerns and clarify the scope of the process in question.
Since July 3, 2015, the Company has not carried out any capital market activity and has not provided investment services and activities or ancillary services to customers.
Therefore, the process initiated for the revocation of the Company's operating license is essentially aimed at aligning the existing legal status of the Company, which has de facto had no activity for a long time, with this actual situation, and the decision on the matter was taken as a result of discussions with the CMB over recent years.”
“WE ARE NOT WITHDRAWING FROM TURKEY”
JPMorgan emphasized that with the revocation of the brokerage firm's operating license, the group's other operations in Turkey should be evaluated separately from one another.
Stating that the decision was not connected to current developments in the country, the company continued its statement as follows:
“In this context, the relevant decision has no connection whatsoever with current developments in our country. In addition, we would like to specifically state that the application to the CMB and the termination of the Company's brokerage firm status do not mean the termination or restriction of JPMorgan Chase group's other activities carried out in Turkey, or its withdrawal from Turkey.”
BANKING ACTIVITIES WILL CONTINUE
In the statement, attention was drawn to the fact that JPMorgan Securities AŞ and JPMorgan Istanbul Branch are legally different organizations.
It was stated that the transactions regarding the revocation of the brokerage firm's operating license do not cover the banking operations of the Istanbul Branch.
The following statements were included in the company's statement:
“Branch Indeed, the Company and JPMorgan Chase Bank, N.A., Istanbul Türkiye Branch, headquartered in Columbus, Ohio (“JPMorgan Istanbul”), are legally separate entities, and the process regarding the revocation of the operating license concerns only the Company.
The banking activities carried out by JPMorgan Istanbul Branch in Turkey are not affected in any way by the process in question, and JPMorgan Istanbul Branch will continue its activities in Turkey in its current form and without interruption.”
WILL GROW ITS ACTIVITIES IN TURKEY
JPMorgan also announced its plan regarding the future of its banking operations in Turkey.
It was reported that the Istanbul Branch had decided to expand its banking activities, and that necessary work in this context was being carried out in coordination with the relevant regulatory institutions.
The following statements were used in the statement:
“JPMorgan Istanbul Branch has recently decided to grow its banking activities in Turkey, and the necessary work in this direction continues in coordination with the relevant legal authorities. Therefore, the previously published announcement does not concern the restriction of JPMorgan Chase group's activities in Turkey or its exit from Turkey, and is limited only to the process for the revocation of the brokerage firm operating license of the Company, which has had no activity for a long time.
We declare that the above statements comply with the principles set out in the Capital Markets Board's Communiqué on Special Circumstances in force, that they fully reflect the information reaching us on this matter/matters, that the information is in accordance with our books, records and documents, that we have made all necessary efforts to obtain complete and accurate information on the matter, and that we are responsible for these statements.”