ICBC completes $316 mln Tekstilbank purchase

The Industrial and Commercial Bank of China Limited (ICBC) announced on Friday that it had completed the purchase of majority shares of Turkeyand’s Tekstilbank.
According to the announcement, ICBC completed all transactions to buy 75.5 percent of the existing issued shares of Tekstilbank from the textile group GSD Holding as of May 22. The amount of the sale was earlier announced to be $316 million.
ICBCand’s statement on Friday also read that the bank would make a tender offer for the remaining shares of Tekstilbank held by public shareholders in accordance with Turkish regulatory requirements.
ICBC had previously bid to purchase another, smaller bank in Turkey, Alternatifbank, of which 71 percent was later sold to the Commercial Bank of Qatar (CBQ) for $460 million. Operating 17,000 branches in 43 countries around the world, ICBC is the worldand’s biggest bank with $3.32 trillion in assets.

SOURCE: Today’s Zaman