Bank of China to expand into Turkey
Bank of China is seeking approval to expand its operations in Turkey. This move comes as the &nbsp;Industrial and Commercial Bank of China (ICBC) takes over a majority stake in Tekstilbank to become the first Chinese bank operating in Turkey. It is unclear how much capital Bank of China is seeking to invest, although Turkish regulation &nbsp;requires a minimum of $300m in registered capital. Turkey is an emerging economy with a well-regulated banking system, which has seen investors from both China and Japan both looking at investment opportunities in the Turkish financial system.
Chinese lender ‘shows interest’ in Turkish banking license

ISTANBUL - Anadolu Agency

Banking Regulation and Supervision Agency (BDKK) head Mehmet Ali Akben has said a Chinese lender has shown interest in taking a banking license in Turkey.He noted a high-level delegation from the Bank of China will visit officials from Turkey’s banking watchdog on Sept. 10.“They are interested in taking a banking license in Turkey… The bank’s top officials have already said their sources allocated for Turkey are big,” he said.The delegation will be composed of many officials from China and will be headed by the Chinese lender’s vice president, Akben noted.He said this will be the second meeting between the BDDK and the Bank of China, adding there were other Chinese groups which want to enter Turkey’s banking sector.Akben also said the authority expected a capital inflow from the Gulf countries into the sector once political uncertainties are over in Turkey.The BDDK is also in talks with several groups in Iran and can cooperate with them once sanctions over the country are lifted, he said.Akben also said the proposals about easing the limits over credit card instalments will be discussed at the Financial Stability Committee meeting.Stating that some limits were put on the credit card instalments in a bid to cut the current account deficit, the authority will move according to decisions by the committee about the issue.