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China: Largest bank looks to jumpstart growth with Turkey takeover

By  |  April 29, 2014

China’s largest bank, Industrial & Commercial Bank of China Ltd., has reportedly inked a deal to acquire Turkey’s Tekstil Bankasi in efforts to slow a profit downturn.

Reports say ICBC faced the weakest profit growth in nearly five years but will now look to reverse the trend with a $316 million buyout of Tekstilbank. According to industry experts, the deal will allow ICBC to broaden the reach of the yuan.

Reports also say that the Chinese lender is looking to boost profits as regulatory crackdowns on the banking industry boost more competition in the industry.

Full content: Businessweek

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