Industrial & Commercial Bank of China (ICBC) has completed the acquisition of a 75.5% stake in Turkey-based Tekstilbank from GSD Holding.

ICBC said in a statement to Hurriyet Daily News: "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."

Pursuant to the transaction, ICBC will make a tender offer for the remaining shares of Tekstil Bankas? A.?. held by public shareholders in line with Turkish regulatory requirements.

Last month, 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).