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Industrial & Commercial Bank of China (ICBC) announces its acquisition of a 75.5% stake in Turkey's Tekstilbank for $316 million. This move allows ICBC, China's largest bank, to establish a presence in an important emerging market. The acquisition aligns with expectations during the global financial crisis that Chinese financial institutions would invest in affordable foreign banks. However, widespread acquisitions by Chinese banks did not materialize as anticipated.
Monday, 28 April, 2014