Turkey's national Japan Credit Agency (JCR) Eurasia has determined its board members, according to a statement released by the agency on Friday.

Representatives from the Istanbul Stock Exchange, Turkish Capital Markets Association, Insurance Association of Turkey, Financial Institutions Union and 17 banks participated in the general meeting of the agency, the statement said.

Erisah Erican, chairwoman of Turkey's Borsa Istanbul; Atilla Benli, president of Turkey Insurance Association; Ömer Demirhan, Aydın Gündoğdu, Mehmet Turgut, Bilal Sayın and Takefumi Emori were elected board of directors, it added.

The shares transfer of the national rating company has completed after the election of the board of directors.

In November 2019, Turkey bought the majority shares of JCR Eurasia, the local unit of Japan Credit Rating Agency, which was evaluated as a wise step in terms of grabbing the advantages of time and cost.

The plan is considered a logical step taken by Turkey in having a national credit rating agency.

Borsa Istanbul holds 18.5% of the company, while Japan Credit Rating Agency have 14.95% of shares.

Turkish private and state lenders, including Ziraat Bank, GarantiBBVA, Yapo Kredi also hold stakes in the company.