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ICBC to buy into Turkish lender

Industrial & Commercial Bank of China (ICBC) said it will buy Turkey’s Tekstil Bankasi as the the Chinese bank seeks to counter a credit slowdown at home that led to the weakest profit growth in almost five years. ICBC said it will buy 76% of Tekstilbank, as the Turkish lender is known, from its parent for $316 million. The purchase extends state-owned ICBC’s reach overseas as China seeks to increase acceptance of the yuan globally.

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