Turkey’s banking watchdog Banking Regulation and Supervision Agency (BDDK) has approved the sale of GSD Holding’s controlling 75.5% stake on Tekstilbank to the Industrial and Commercial Bank of China (ICBC).

BDDK in statement said : "After the necessary scrutiny of the documents and other information that was gathered, the BDDK decided that Industrial and Commercial Bank of China Limited can take over the 75.5% of shares of the bank that were previously owned by GSD Holding and reduce the bank’s shares of the GSD Holding down to zero in accordance with Article 18 of the Banking Law and Article 11 of the Regulation on Operations of Banks Subject To Permission and Indirect Shareholding."

GSD Holding has confirmed that the sales process will be completed on April 29, 2015, reported Daily Sabah.

The Istanbul-based firm has previously signed an agreement with China-based ICBC on 29 April 2014 to sell its stake in Tekstilbank for TRY669m ($270m).