9/14/2015

Bank of China to apply for banking license in Türkiye

Milliyet – One of China’s – and the world’s – largest banks is in talks to do business in Türkiye. According to sources on the Board of the Banking Regulation and Supervision Agency of Türkiye (BDDK), officials from the Chinese lender visited the watchdog in Ankara to inquire about setting up a banking business in Türkiye.


The Bank of China is soon to file an application to BDDK for a banking license and is likely to become the second Chinese banking institution operating in Türkiye, cited sources familiar with the matter.


Last year, the Industrial and Commercial Bank of China (ICBC) entered the Turkish banking market through the acquisition of 75.5 percent shares in Tekstilbank.


A crisis-tested financial system and a sturdy, profitable banking sector have encouraged many new lenders into Türkiye in recent years. So far, the Commercial Bank of Qatar, Kuwaiti Burgan, and Saudi National Commercial Bank have all made their entries into the Turkish banking market via acquisitions.

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