China approves ICBC purchase of 75 pct stake in Turkey's Tekstilbank (updated)

GSD Holding

20/03/2015 11:13

ISTANBUL, March 20 (Reuters) - Chinese authorities have 
given Industrial and Commercial Bank of China  601398.SS  
approval to buy a 75.5 percent stake in Turkey's Tekstilbank 
 TEKST.IS , the Turkish lender said on Friday, bringing the $316 
million deal closer to completion. 
    Tekstilbank said in a statement to the Istanbul stock 
exchange 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  GSDHO.IS , 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 totalled 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 Istanbul bourse. 
 
 (Reporting by Ece Toksabay; editing by David Dolan and William 
Hardy) 
 ((ece.toksabay@thomsonreuters.com; +90 212 3507052; Reuters 
Messaging: ece.toksabay.reuters.com@reuters.net)) 
 
Keywords: TEKSTILBANK ICBC/M&A