DAILY SABAH - MAY 24, 2015
The Industrial and Commercial Bank of China has bought 75.5 percent share of Turkey's Tekstilbank for TL 669 million, aiming to serve Turkish and Chinese consumers on a global scale
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.