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.
- EUROPEAN PARLIAMENT-NEWS: EU budget debate ahead of crucial summit
- FIRST UKRAINIAN BANK: FUIB has opened a branch in Gorishni Plavni
- ASIAN DEVELOPMENT BANK: ADB Unveils Venture Platform to Invest in Impact Technology Startups
- EURASIAN DEVELOPMENT BANK: EDB will expand its presence in Kazakhstan
- GOVERNMENT OF BELARUS: Belarus president talks about viability of alternative oil delivery options
- PROMIVESTBANK - UKRAINE: For clients of Prominvestbank PJSC
- ASIAN DEVELOPMENT BANK: Registration Opens for ADB's 53rd Annual Meeting
- EUROPEAN INVESTMENT BANK: European Commission and EIB Group join forces to boost space sector investment with EUR 200 million of financing
- NATIONAL BANK OF UKRAINE: The National Bank has agreed on the terms and conditions of activity of Ukraine's Clear Junction international payment system
- INTERNATIONAL MONERTARY FUND: Andorra Applies for IMF Membership