Following the U.K.'s decision to withdraw from the EU, London will begin losing its position as a leading global finance center – which will bring advantages for Turkey. Banking Regulation and Supervision Board (BDDK) Chairman Mehmet Ali Akben said that the state of London, which ranks first among global finance centers, has become unclear, adding, "Some world-renown companies might move their headquarters from London and revise their investment decisions as they will lose the advantages of being subjected to EU regulations." Stressing that such a situation will greatly benefit Istanbul Finance Center, Akben said Turkey must take advantage of it. Akben underlined that works on strengthening the legal infrastructure of Istanbul Finance Center, increasing its financial product and service diversity and creating a simple and efficient taxation system are in progress.He said the U.K.'s secession from the union will downgrade its premier position as a global finance center. At $258 billion, the finance sector constitutes 12 percent of the U.K.'s gross domestic product. More than two million people work in the sector, which constitutes 7 percent of total employment in the U.K.