Sabah – The Industrial and Commercial Bank of China (ICBC) has announced the completion of a 75.5-percent stake acquisition in Tekstilbank, becoming the first Chinese lender operating in Turkey. The acquisition deal worth TRY 669 million (approx. USD 254 million) between ICBC and Tekstilbank owner GSD Holding will strengthen the financial ties between Turkey and China while contributing to the development of both countries, ICBC said in a written statement.
“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. At present, China is Turkey’s third largest trading partner and second largest source of imports. According to the long-term trade target set by the governments of China and Turkey, the bilateral trade volume is expected to exceed USD 100 billion by 2020,” ICBC said.
Founded in 1986, Tekstilbank is active in corporate, retail, and investment banking. The bank’s remaining shares are held by public shareholders.
ICBC stands out as the world’s largest lender in sales, profits, assets, and market value.