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07:55, 02-Dec-2017
Bank of China gets license to operate in Turkey
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Bank of China received a license to operate in Turkey as the second Chinese lender to run in the country after Industrial and Commercial Bank of China, Turkish banking watchdog announced on Friday.
“We approved the banking license for Bank of China-Turkey. We had previously granted permission for the bank to operate a deposit bank in Turkey. Now, the bank has received the required license. Bank of China-Turkey can officially start banking operations tomorrow [December 2],” Banking Regulation and Supervision Agency (BDDK) President Mehmet Ali Akben told Anadolu Agency.
Bank of China, the seventh largest bank in the world and the third largest in China, launched its preparations to establish a commercial bank in Turkey in 2015 after opening a representative office in 2011.
The bank received permission to operate the deposit bank in Turkey with an investment of 300 million US dollars, the BDDK said in January.
BOC will become the second Chinese lender to operate in Turkey after the Industrial and Commercial Bank of China (ICBC), which purchased a majority stake in Tekstilbank last year.
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