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China Daily | Updated: 2014-04-30 07:35
ICBC buys majority of Turkish bank for $316m
Industrial and Commercial Bank of China Ltd will buy Turkey's Tekstil Bankasi AS to counter a lending slowdown at home that led to its weakest profit growth in almost five years. Net income for the first quarter rose 6.6 percent to 73.3 billion yuan ($11.89 billion), ICBC said on Tuesday. It will buy 76 percent of Tekstil Bankasi from its parent for $316 million.
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