Industrial & Commercial Bank of China (ICBC; 1398.HKG, 601398.SHA), the country’s biggest lender, will buy Turkey-based bank Tekstil Bankasi (TEKST.IST), Bloomberg reported, citing a Tuesday statement by ICBC. The Beijing-based lender said it will buy 76% of Tekstilbank, as the Turkish bank is known, from its parent for US$316 million, as it seeks to counter a credit slowdown at home that led to the weakest profit growth in almost five years. Analysts say the purchase will extend state-controlled ICBC’s reach abroad and further China’s ambitions for yuan internationalization.
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