Friday, January 13, 2017

Bank of China brings $300M capital to Turkey to open deposit bank

SABAH DAILY - JANUARY 12, 2017

Turkey's banking watchdog BDDK said on Friday the Bank of China had received permission to open a deposit bank with Turkish lira funding in exchange for $300 million.  In a statement, the BDDK said the Bank of China had brought the "necessary capital" that is worth of $300 million and would apply to start functioning shortly.  Last year, Deputy Prime Minister Mehmet Şimşek said that the presence of Bank of China in Turkey would be a clear sign of foreign investors' interest in the domestic market.  The Bank of China is expected to have 99.99 percent of shares while four other companies-Best Stream, Maxon, Well Ocean, Union Favour-owned by Bank of China Group Investment Limited, a subsidiary of BOC, would have shares of 0.01 percent in total, according to reports.

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