World Bulletin / News Desk
"Permission has been already given to the bank. Now, license was given. Bank of China Turkey AS can officially start its banking transactions as of tomorrow, Mehmet Ali Akben, chairman of Banking Regulation and Supervision Agency, said.
In the beginning of the year, the Chinese bank had received permission to operate a deposit banking in Turkey by investing $300 million.
The bank, world's seventh largest and the third largest in China, has been interested in Turkey for a long time. The Bank of China had launched its preparations to establish a commercial bank in the country in 2015 after running a representative office since 2011.
It becomes the second Chinese lender to operate in Turkey after Industrial and Commercial Bank of China (ICBC), which had purchased a majority stake of Tekstilbank last year.
Akben also said that beginning of operations in Turkey by one of the world's biggest bank showed the fallacy of speculations and perception operations on Turkish banking system.
Trump says increasing interest rates is 'taking away our big competitive edge'
Popular protests in Iraq’s southern provinces enter second week after spreading to capital
Trump lawyer alleges payment to newspaper holding model's story was never made
Move is a reaffirmation of longstanding defense ties between the two countries, Pentagon says
Ceasefire was reached under mediation of Egypt and 'international sides', says Hamas spokesperson
Protester was killed in southern city of Najaf, says Iraq’s Health Ministry
Farc members had to deal with widespread popular anger and faced fierce opposition from center-right and right
Stone County Sheriff Doug Rader said 31 people had been aboard the amphibious vessel, known as a duck boat for its wheels that allow it to ride on land in addition to floating low on the water.
After weeks of apparently fruitless negotiations, the United States early this month imposed 25 percent tariffs on approximately $34 billion of Chinese mechanical and technological products -- sparking an immediate response from Beijing, which said it would hit back dollar for dollar.
Today marks the 44th anniversary of Turkey’s military operation on the Mediterranean island
Island divided since 1974, when Turkish army interceded under Ankara’s guarantor status to protect Turkish community
18 children among dead, according to Gaza’s Health Ministry
UN chief's Iraq envoy calls on the incoming government to prioritize 'reforms and the fight against corruption'
Greenhouse gases from waste equal to adding 2.1 million cars to roads
Organization of American States condemns Daniel Ortega in resolution
South Korean foreign minister cannot 'rule out' trilateral summit in two months