Tekstilbank sale to Chinese bank approved

The purchase of Turkey's Tekstilbank by one of the largest banks in the world with assets of more than $3 trillion, the Chinese Industrial and Commercial Bank of China (ICBC), was approved by Chinese authorities. The sale of 75.5 percent of the shares of Tekstilbank belonging to GDS Holding to the ICBC has been approved by the banking authority in China. According to the announcement to the Public Disclosure Platform, the China Banking Regulatory Commission has approved the sale to the ICBC. The statement also noted that the ICBC has applied to the Banking Regulation and Supervision Agency (BDDK) in Turkey and that the application was being processed. Tekstilbank signed a purchase agreement with the ICBC for TL 669 million on April 29, 2014.