Sabah - The Industrial and Commercial Bank of China (ICBC), the world’s largest lender by total assets, has announced an agreement with Turkish GSD Holding for the acquisition of 75.5 percent shares in Tekstilbank. Subject to approval by the relevant authorities in Turkey and China, the TRY 669 million (approx. USD 314 million) deal is slated to make the Chinese lender the latest entrant in Turkey’s lucrative banking sector.
Founded in 1986, Tekstilbank is active corporate, retail and investment banking. The rest of Tekstilbank shares are publicly traded on the Borsa Istanbul. With over USD 3 trillion of assets, ICBC is the world’s largest bank.
A crisis-tested financial system and a sturdy and profitable banking sector have encouraged many new lenders into Turkey in recent years. The Commercial Bank of Qatar, Kuwaiti Burgan, and Saudi National Commercial Bank have all made their entries into the Turkish banking market via acquisitions in recent years.