ICBC will now make an offer for the remaining shares of Tekstilbank, which are held by public shareholders. This is due to Turkey's regulatory requirements, ICBC said in a investor announcement.
"The acquisition of Tekstilbank further complements ICBC's international footprint. The transaction will also enhance ICBC's service capability for customers from both countries, thereby promoting local economic development," ICBC said in a statement.
"At present, China is Turkey’s third largest trading partner and second largest source of imports. According to the long-term trade target set by the governments of China and Turkey, the bilateral trade volume is expected to exceed $100 billion by 2020," ICBC said.
ICBC is buying the stake from GSD Holding, a Turkey-based holding company operating in banking, financial services and maritime shipping.
Completion of the sale is conditional on regulatory approval from authorities in Turkey and China, including the China Banking Regulatory Commission, the Banking Regulation and Supervision Agency of Turkey and the Competition Authority of Turkey, GSD Holding said in a statement.
Last year ICBC agreed to buy a 60% stake in Standard Bank's global markets unit for $765 million.