Bank of China set to start Turkey operations in 2016: Watchdog
ISTANBULThe Bank of China will likely start operations in Turkey by the end of 2016, the head of Turkey’s banking watchdog has told Anadolu Agency.
Banking Regulation and Supervision Agency (BDDK) President Mehmet Ali Akben said the authority and Chinese bank officials had been engaging a good process of dialogue, adding that the bank had completed most of the requirements to launch its operations in Turkey.
“I believe that they will start their operations in Turkey before the New Year. We do not see any problem with the ongoing process,” said Akben.
The Bank of China, one of the world’s biggest lenders, started its attempts to enter the Turkish market last year.
In this vein, officials from the BDDK and Bank of China executives have met from time to time to discuss the legal formalities of the plan.
Akben noted that they also discussed Turkey’s mega projects.
“We have many big bridge, energy and Canal Istanbul projects. They have a special interest in offering financing to such projects. They are also very interested in the Silk Road project,” he said, adding that some Gulf banks were also interested in starting activities in Turkey.