Largest Chinese bank enters Turkish market

Business Materials 23 May 2015 10:12 (UTC +04:00)

Baku, Azerbaijan, May 23

By Rufiz Hafizoglu - Trend:

The deal on sale of 75.5 percent of shares of Turkish Tekstilbank to Chinese ICBC bank (Industrial and Commercial Bank of China) has been completed, said the message of the Turkish state body on public alert (Kamuoyunu Aydınlatma Platformu KAP) posted May 22 on its website.

The Chinese bank paid 669 million Turkish liras to purchase this package of shares, the message 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.

ICBC was established in 1984 and is one of the "TOP 4" of the major state-owned banks in China (along with the Bank of China, Agricultural Bank of China and China Construction Bank). At the end of 2014, ICBC registered a record volume of assets in the world - at the level of $3.32 trillion.

Bank shares are owned by the Chinese government. In late October 2006, the bank held an IPO and attracted a record $22 billion (the largest IPO in history), having placed 48.4 billion shares (18 percent of the total number).

Currently, there are 49 banks in Turkey, of which 36 are commercial and 13 - investment ones.

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.


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