The Industrial and Commercial Bank of China (ICBC) has become the first Chinese bank in Turkey after buying a 75.5 percent share in TekstilBank from GSD Holding.
Jiang Jianqing, chairman of ICBC, announced the completion of the deal in an official ceremony in Ciragan Palace, Istanbul, which Turkish Deputy Minister Ali Babacan also attended.
The deal will “enhance ICBC's service capability for customers from both countries, thereby promoting local economic development,” according to a statement issued during the event.
“The establishment of the Silk Road Economic Belt, coupled with Turkey's becoming a prospective founding member of the Asian Infrastructure Investment Bank, will further broaden the scope of cooperation between the two countries in developing infrastructure projects.”
China is Turkey’s third largest trading partner and second largest importing country.
ICBC, which has almost 400 overseas institutions in 42 countries, will pay 669 million TL to GSD Holding for TekstilBank and make a tender offer for the remaining shares.