Allen & Overy advises ICBC on bank acquisition in Turkey
05 May 2014
Allen & Overy has advised Industrial and Commercial Bank of China Limited (ICBC) on its proposed acquisition of 75.5 percent of the issued share capital of Tekstil Bankası A.Ş (Tekstilbank) from GSD Holding A.Ş. (GSD Holding) for 669 million Turkish Liras (approximately USD316 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.
Commenting, partner Gary McLean said: “We are delighted to have been involved in this transaction which sees ICBC continuing on its path of expanding in markets across the globe. It plays well to our strengths given the cross-border nature of the deal and given our extensive experience in both China and Turkey.”
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: Turkish law firm Atim&Atim as counsel for GSD Holding.
For further information, please contact Susan Byrnes in Hong Kong, email@example.com, +852 2974 7011.
Notes to editors
1. Allen & Overy is an international legal practice with approximately 5000 people, including some 525 partners, working in 43 offices worldwide.
2. In this press release 'Allen & Overy' means Allen & Overy LLP and/or its affiliated undertakings.
3. The term 'partner’ is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings.
4. Due to regulations of the Turkish Bar Association, legal advice in relation to Turkish law has been provided by Gedik & Eraksoy Avukatlık Ortaklığı, the exclusive partner of Allen & Overy LLP in Turkey. Gedik Eraksoy Avukatlık Ortaklığı is a Turkish attorney partnership formed under Turkish Attorneyship Law and registered with the Istanbul Bar to provide legal services in relation to Turkish law.