INVEST IN TURKEY - 30.04.2014
The Industrial and Commercial Bank of China (ICBC), the world’s
largest lender by total assets, has announced an agreement with Turkish
GSD Holding for the acquisition of 75.5 percent shares in Tekstilbank.
Subject to approval by the relevant authorities in Turkey and China, the
TRY 669 million (approx. USD 314 million) deal is slated to make the
Chinese lender the latest entrant in Turkey’s lucrative banking sector. Founded in 1986, Tekstilbank is active corporate, retail and
investment banking. The rest of Tekstilbank shares are publicly traded
on the Borsa Istanbul. With over USD 3 trillion of assets, ICBC is the
world’s largest bank. A crisis-tested financial system and a sturdy and profitable
banking sector have encouraged many new lenders into Turkey in recent
years. The Commercial Bank of Qatar, Kuwaiti Burgan, and Saudi National
Commercial Bank have all made their entries into the Turkish banking
market via acquisitions in recent years.