Ethos Asset Management USA has expanded its global footprint by establishing a subsidiary in Istanbul, Turkey.

Ethos Commercial Consultancy JSC (ECC) was incorporated by Ethos USA president and CEO Carlos Santos, on 25 May 2021 with the support of Attributed Holdings International.

The firm said that the presence in Turkey will help it overcome some of the challenges in receiving financial guarantees and other financial instruments into its USA banks from various global jurisdictions.

The company is planning to tap Turkey’s modern banking system to conduct its ongoing day-to-day worldwide financing activities.

Furthermore, the local presence in Turkey is expected to back Ethos’ transactions and increase operations in South America, Middle East, Africa, Asia, and the Far East jurisdictions.

It also plans to penetrate new markets by offering investment in local businesses, corporations, governments, as well as community-based organisations.

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Ethos CEO and president Carlos Santos said: “We were very excited and motivated to establish a subsidiary of Ethos in Turkey.

“This will provide new Turkish and international clients and potential partners in the region with the opportunity to be financed by Ethos dynamically, efficiently, and personally.”

Santos also noted that the recent changes to cross-border laws and the continuing crisis of Covid have significantly affected the banking system.

“Several banks in the US, where Ethos conducts primary operations, closed their international trade desks to protect their potential exposure to the default of other institutions and reduce overall risk to the sector, and some bankers believe that this internal policy reduces general systemic risk,” he added.

In 2016, Kuwait Finance House-Turkey established a new portfolio management firm, called KT Portfoy, for operating investment portfolios in Turkey-based banks.