Baku, Azerbaijan, Dec. 2
By Rufiz Hafizoglu – Trend:
China’s commercial bank, Bank of China, has obtained a license to open two branches in Istanbul, Turkey’s Banking Regulation and Supervision Agency (BDDK) said in a message.
The message says that the Chinese bank is one of big foreign banks in Turkey.
Earlier, Consul General of China in Istanbul Qian Bo said that the Bank of China will open two branches in the city.
He noted that the total capital of these branches will amount to $300 million.
The Bank of China was established in 1912 through the transformation of Ta Ching Government Bank and is the oldest bank in China.
Interest of Chinese banks to the Turkish market has been observed since 2015. In 2015, Turkey implemented a deal to sell 75.5 percent of the shares of Turkey’s Tekstilbank to the Chinese bank ICBC (Industrial and Commercial Bank of China).
The ICBC obtained shares of Tekstilbank for 669 million Turkish liras.
Tekstilbank was established in 1986 and is a private bank. It has 44 branches throughout Turkey.
As of September 2017, 46 banks operate in Turkey, and 20 of them have foreign shareholders.
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