Turkish banking watchdog announced on Friday that Bank of China has been granted a license to operate in Turkey as the second Chinese lender to operate in the country after Industrial and Commercial Bank of China.
The chairman of Banking Regulation and Supervision Agency Mehmet Ali Akben said that permission had been already given to the bank. It can officially start its banking transactions since Dec. 2.
Bank of China, the seventh largest bank in the world and the third largest in China, launched its preparations to establish a commercial bank in Turkey in 2015 after opening a representative office in 2011.
The bank received permission to operate deposit banking in Turkey by investing 300 million U.S. dollars in June, 2017.