Allen & Overy advises ICBC on acquisition of issued share capital of Tekstilbank
Allen & Overy has advised Industrial and Commercial Bank of China (ICBC) on its proposed acquisition of 75.5 per cent of the issued share capital of Tekstil Bankası (Tekstilbank) from GSD Holding for TRY669m (£190m). Under Turkish capital markets law, the acquisition will trigger a post-closing mandatory tender offer for all remaining shares in Tekstilbank.
Tekstilbank, listed on Borsa Istanbul, is primarily engaged in corporate and commercial banking including SME and retail banking. GSD Holding, also listed on Borsa Istanbul, is the Turkish holding company of a group spanning financial services and shipping.
The transaction is subject to approval from GSD Holding’s shareholders as well as Chinese and Turkish financial regulators and the Competition Board of Turkey. Upon completion, ICBC will become the first Chinese bank to operate in Turkey, which ranks China as its third-largest trading partner.
The Allen & Overy team was led by partners Gary McLean (Hong Kong), Jane Jiang (Beijing) and Gökhan Eraksoy (Istanbul), with support from senior associate Jinghua Zou and associates Xin Cheng and Catherine Liu in Hong Kong, associates Ömer Şirin, Taylan Çalışkan, Zeynep Saydı and Deniz Avcı in Istanbul and senior associates James Burton and Steve Quinn in London.
Other law firms involved in the transaction included Turkish law firm Atim&Atim as counsel for GSD Holding.
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