Monday, May 25, 2015

China's banking giant takes over Turkish lender

Xinhua - May 26, 2015

ISTANBUL, May 25 -- Industrial and Commercial Bank of China Limited (ICBC), world's largest bank, said here on Monday that it completed the acquisition of 75.5 percent stake in Tekstilbank from Turkish GSD Holding, making it the first business institution operated by a Chinese bank in the country.
The announcement was made by Jiang Jianqing, chairman of ICBC, at an official inauguration ceremony in Ciragan Palace, which was attended by Turkey's Deputy Prime Minister Ali Babacan.
Jiang said the acquisition serves as an important milestone in financial cooperation between China and Turkey, and pledged that ICBC will provide better financial services to major enterprises in Turkey.
"The acquisition of Tekstilbank further complements ICBC's international footprint. The transaction will also enhance ICBC's service capability for customers from both countries, thereby promoting local economic development," according to a statement issued by the Chinese lender.
Before the ceremony, Turkish President Recep Tayyip Erdogan met with Mr. Jiang and expressed his congratulations upon the acquisition, saying that Turkey and China will boost cooperation in various sectors including economy, finance, energy and infrastructure.
The ICBC will also make a tender offer for the remaining shares of Tekstilbank, held by public shareholders, in accordance with the nation's regulatory requirements.