Allen & Overy (A&O) has expanded its presence in Istanbul with an exclusive association with new Turkish firm Gedik & Eraksoy.

The association, which goes live today (16 November), will give the magic circle firm's clients access to local legal advice in Turkey.

Founding partners Hakki Gedik and Gokhan Eraksoy, who were banking and finance co-heads at Turkish firm Herguner Bilgen Ozeke, are launching Gedik & Eraksoy with a team of eight associates. The firm's practice covers banking and finance, cross-border M&A, privatisations, and private equity.

A&O Turkey senior partner Charles Lindsay commented: "There is a real need for banking and capital markets expertise in the Turkish market over the coming years and even more so in light of the recent announcement by Fitch of an investment grade rating for Turkey.

"In the energy and infrastructure sector alone there is a demand for approximately $50bn (£31.5bn) of financing for projects. We are also seeing significant and increasing interest from our clients globally in acquiring Turkish assets both on the strategic and private equity side.

A&O launched in Istanbul last December, with Lindsay relocating from London to head up the practice, along with senior associate Karen Lee and banking associate Seyda Duman. The office focuses on providing English law advice on project finance, capital markets, general lending and M&A.

Since its office opening in Turkey, A&O has scored mandates such as a $500m (£310m) ten-year bond offering for Turkish beer and soft drinks group Anadolu Efes, in the first corporate bond of its kind in the region.