Date
21 September 2017
Picture: Bloomberg
Picture: Bloomberg

ICBC to buy majority stake in Turkish bank

Industrial & Commercial Bank of China Ltd. (01398.HK, 601398.CN) will acquire a 75.5 percent stake in Turkey’s Tekstil Bankasi AS (Tekstilbank) for US$316 million, the Wall Street Journal reported on Tuesday, citing a stock exchange filing by the Chinese lender.

China’s biggest bank by assets will buy the stake from GSD Holding, a Turkish financial services and shipping group, and will also offer to buy all the other outstanding shares, according to the newspaper.

Istanbul-based Tekstilbank has 44 branches, focusing on corporate and commercial lending and trade finance, the report said.

– Contact HKEJ at [email protected]

RA/CG

EJI Weekly Newsletter

Please click here to unsubscribe