China’s bank completes takeover of Tekstilbank

ISTANBUL

The Industrial and Commercial Bank of China Limited (ICBC), the world’s largest bank, has completed a takeover of some 75.5 percent of the stakes in Turkey’s Tekstilbank. 

“As of the date of this announcement, some 75.5 percent of Tekstilbank is held by the ICBC. After completion of the transaction, the ICBC will make a tender offer for the remaining shares of Tekstilbank, held by public shareholders, in accordance with Turkish regulatory requirements,” said the board of the ICBC in a written statement on May 22. 

Turkey’s Banking Regulation and Supervision Agency (BDDK) 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.

The ICBC said last year that it had agreed to buy a GSD Holding’s stake in Tekstilbank for $316 million. The acquisition would enable ICBC to explore new business opportunities with high growth potential, the Chinese lender had said then.