DAILY SABAH - MAY 25, 2015
The Industrial and Commercial Bank of China (ICBC) took over a majority
stake in Tekstilbank from Turkish GSD Holding, becoming the first
Chinese bank operating in Turkey. Last April, GSD Holding signed a contract to sell its entire stake of
75.5 percent in Tekstilbank to ICBC, one of the four largest of China's
banks, for TL 669 million ($256 million). The Banking Regulation and
Supervision Agency (BDDK) approved the sale on April 3. A statement
released by Tekstilbank said: "While taking advantage of corporate,
personal, investment and correspondent banking and securities, asset
management and other products of the group, Tekstilbank aims to offer
service to Turkish and Chinese consumers on a global basis." The
statement also said that ICBC's acquisition of stakes in Tekstilbank
would help invigorate financial services between Turkey and China and
the economic development of both countries, in addition to being a
globalization strategy.
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