ANKARA -- The Bank of China (BOC) was approved to start operation in Turkey, Turkish Deputy Prime Minister Mehmet Simsek announced on May 3. The bank's Turkish headquarter will be established in Istanbul.
Simsek said the BOC submitted the application to the Banking Regulation and Supervision Agency (BDDK) in January. The application was approved by the BDDK during a meeting on May 2, according to reports of local media.
The BOC becomes the second Chinese bank that started business in Turkey following the Industrial and Commercial Bank of China (ICBC). The ICBC successfully acquired 75.5 percent stake of Turkish bank Tekstilbank in May, 2015.
Simsek said that Chinese banks applying to set up business Turkey shows foreign capital is interested in Turkish financial market. The move also helps the country attract more China's capital and increase financing opportunity for Turkish private sector.
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