The Bank of China (BOC) has received permission to operate a deposit bank in Turkey by investing $300 million, according to Turkey’s banking watchdog.
In a statement, the country’s Banking Regulation and Supervision Agency (BDDK) said BOC had brought the “required capital” and would apply to start operating shortly.
The bank, world’s seventh largest and the third largest in China, has been interested in Turkey for a long time. BOC had launched its preparations to establish a commercial bank in the country in 2015 after running a representative office since 2011.
BOC becomes the second Chinese lender to operate in Turkey, after other Chinese lender Industrial and Commercial Bank of China (ICBC), which had purchased a majority stake of Tekstilbank last year.
As China’s most internationalised and diversified bank, Bank of China provides a comprehensive range of financial services to customers across the Chinese mainland as well as 41 countries and regions. The Bank’s core business is commercial banking, including corporate banking, personal banking and financial markets services. BOC International Holdings Limited, a wholly owned subsidiary, is the Bank’s investment banking arm.
Bank of China Group Insurance Company Limited and Bank of China Insurance Company Limited, both wholly owned subsidiaries, run the Bank’s insurance business. Bank of China Group Investment Limited, a wholly owned subsidiary, undertakes the Bank’s direct investment and investment management business. Bank of China Investment Management Co., Ltd., a controlled subsidiary, operates the Bank’s fund management business. BOC Aviation Pte. Ltd., a wholly owned subsidiary, is in charge of the Bank’s aircraft leasing business.