Turkish subsidiary of China's bank wins awards by Int'l Banker magazine

ISTANBUL, Nov. 24 (Xinhua) -- The Turkish subsidiary of the Industrial and Commercial Bank of China (ICBC) was given two awards for its achievements by the International Banker magazine on Wednesday.

The International Banker magazine, which evaluates the most valuable financial institutions worldwide, named ICBC Turkey as the Best Commercial Bank of the Year and the Best Investment Bank of the Year in 2021 in its announcement of the International Banker 2021 Western and Eastern European Awards winners.

"We are proud to be selected best in both categories ... at the International Banker 2021 Banking Awards, one of the most prestigious awards in the banking sector," Gao Xiangyang, chairman of ICBC Turkey, said in a statement.

"As Turkey's pioneering Chinese-funded bank, we strived to become a strong brand in the Turkish financial sector," Gao said, adding that in just six years since its establishment in Turkey, ICBC Turkey has transformed itself from a local boutique bank to a global financial powerhouse.

He pointed out that ICBC Turkey particularly focuses on building stronger commercial, economic, and cultural ties between China and Turkey.

ICBC Turkey will also be expanding its operations in supporting economic development and welfare in neighboring countries and continuing to boost its investment-banking services in the Middle East and North Africa region, according to Gao.

"We believe these achievements that we have accomplished in the international arena will further help ICBC Turkey bolster trading volumes between China and Turkey, thus bringing the economic relations to new, unprecedented heights," the chairman noted.

ICBC Turkey has already won a total of 15 prestigious prizes from international platforms since last year.

The ICBC is China's largest commercial bank and the world's largest bank by assets, while ICBC Turkey was established after the Chinese lender purchased a majority of shares of Turkey's Tekstilbank in May 2015 and was licensed for commercial banking, investment banking, and asset management.