Allen & Overy has advised the Industrial and Commercial Bank of China (ICBC) on its proposed acquisition of 75.5 percent of the issued share capital of Tekstil Bankasi (Tekstilbank) from GSD Holding, for TRY 669 million (approximately USD 316 million).
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.
A&O Partner Gary McLean said of the deal that: “We are delighted to have been involved in this transaction which sees ICBC continuing on its path of expanding in markets across the globe.”
The Allen & Overy team was led by McLean in Hong Kong, Partner Jane Jiang in Beijing, and Partner Gokhan Eraksoy in Istanbul, with support from Senior Associate Jinghua Zou, James Burton, and Steve Quinn, and Associates Xin Cheng, Catherine Liu Omer Sirin, Taylan Caliskan, Zeynep Saydi, and Deniz Avci.
The Turkish Atim & Atim law firm was counsel for GSD Holding.