Turkish banks have eyes on Chinese banking market: Minister

“The next phase will be a Turkish bank operating in China,” Babacan said, speaking at the celebration of Tekstilbank’s sale to Chinese Commercial Bank of China Limited (ICBC) on late May 25.

“I hope their business plans become clear soon, Chinese authorities provide due convenience. Thus, we can add permanent strong institutions to our bilateral relations,” he said.

Earlier on May 25, ICBC announced it had completed the acquisition of a 75.5 percent stake in Tekstilbank from GSD Holding, resulting in the first business institution operated in Turkey by a Chinese bank.

Babacan said the celebration ceremony was the fruit of his conversation with former Chinese Prime Minister Ven Ciabao during his visit to Turkey a few years ago and he was very pleased with the new state of relations with China over the last 10 years.

ICBC has a global network of approximately 400 overseas institutions providing services to 42 countries and regions, according to a written statement by the company on May 25.  In addition, ICBC has coverage in 20 African countries through its 20 percent strategic equity investment in the Standard Bank of South Africa. 

Tekstilbank is a licensed depository bank in Turkey, mainly engaging in banking operations for corporate, small and medium-sized enterprises and retail. It also provides securities brokerage, investment banking and assets management services through its subsidiary, Tekstil Securities. 

Tekstilbank has 44 branches and around 900 employees.