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Monday, February 17, 2020

ICBC works to wrap up acquisition of Turkey's Tekstilbank

The Industrial and Commerce Bank of China (ICBC) recently submitted an application to finish its acquisition of Turkey's Tekstilbank, according to the Investment Support and Promotion Agency's "Invest in Turkey" website.

The ICBC filed the application with Turkey's Banking Regulation and Supervision Agency based on the agreement reached between the two sides in April.

The state-owned Chinese lender agreed to acquire 75.5 percent of the Turkish bank from GSD Holding for approximately $306 million, while the rest of the shares are publicly traded on the Borsa Istanbul.

The ICBC is the world's largest bank by total assets, with more than 18,000 branches and 400,000 employees.

Other foreign banks that have entered the Turkish market in recent years include the Commercial Bank of Qatar, Kuwaiti Burgan and Saudi National Commercial Bank.