China's ICBC apply for €233 million acquisition of Tekstilbank

The Industrial and Commercial Bank of China (ICBC) has filed an application to Turkey’s Banking Regulation and Supervision Agency (BDDK) to complete the acquisition of Tekstilbank, as per the agreement reached last April.
One of the largest lenders in China, ICBC agreed to acquire 75.5% shares in the Turkish bank from its owner GSD Holding for USD TRY669 million (approx. €233 million). Founded in 1986, Tekstilbank is active corporate, retail and investment banking. The rest of Tekstilbank shares are publicly traded on the Borsa Istanbul.
The state-owned ICBC is the world’s largest by total assets with over 18,000 branches and 400,000 employees.
A crisis-tested financial system and a sturdy and profitable banking sector have encouraged many new lenders into Turkey in recent years. The Commercial Bank of Qatar, Kuwaiti Burgan, and Saudi National Commercial Bank have all made their entries into the Turkish banking market via acquisitions in recent years.
Source: ISPAT