China approves ICBC purchase of 75 pct stake in Turkey's lender

Chinese authorities have given Industrial and Commercial Bank of China approval to buy a 75.5 percent stake in Turkey?s Tekstilbank, the Turkish lender said on March 20, bringing the $316 million deal closer to completion.

Tekstilbank said in a statement to the Public Disclosure Platform (KAP) that the China Banking Regulatory Commission had approved the sale. Approval from Turkey?s banking watchdog was still pending.

In April last year, ICBC agreed to buy the stake from Turkey?s GSD Holdings, as the world?s biggest lender seeks to benefit from the rising trade between the two countries.

China is Turkey?s third-largest trading partner and the bilateral trade between the two totaled over $28 billion in 2014.

GSD Holding is a Turkish holding company operating in commercial banking, consumer financial services and portfolio management.

The remaining 24.5 percent in Tekstilbank is publicly traded on the Borsa Istanbul.