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ICBC acquires stake in Turkish bank

Chinese bank ICBC has acquired 75.5% stake in Tekstilbank of Turkey. According to a statement by ICBC, some 75.5% of Tekstilbank is now held by the ICBC and after completion of the transaction, ICBC will make a tender offer for the remaining shares of Tekstilbank, held by public shareholders, in accordance with Turkish regulatory requirements. Turkey’s Banking Regulation and Supervision Agency (BDDK) had approved the sale of the stakes that local company GSD owns in Tekstilbank to the ICBC at the beginning of April 2015. The sale was finished after all procedures had been completed at the end of April.

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