Chinese ICBC to buy Turkish bank
Baku, Azerbaijan, April 5
By Rufiz Hafizoglu - Trend:
Chinese ICBC bank will acquire 75.5 percent stake of Turkish Tekstilbank, the Turkish Banking Regulation and Supervision Agency said.
The Chinese bank will pay 669 million Turkish liras to purchase this package of shares, the statement said.
Tekstilbank was founded in 1986. It is a private bank. The bank has 44 branches throughout Turkey.
The market value of the bank is estimated at 886 million Turkish liras.
Currently, there are 49 banks in Turkey, of which 36 are commercial and 13 - investment.
There are three state-owned banks in Turkey. Some 16 banks were established with foreign capital.
According to the Turkish Banks Association, some 789 branches of local banks opened in the country in 2014.
The official exchange rate is 2,5985 TRY/USD April 5.
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