Bank of China approved to open deposit bank in Turkey

ANKARA - Bank of China have received permission to open a deposit bank in Turkey, the country's banking watchdog, Banking Regulation and Supervision Agency(BDDK) stated on Friday.

In a statement on its website, the BDDK said Bank of China had brought the "necessary capital" that is worth of $300 million and would apply to start functioning shortly.

Turkish Deputy Prime Minister Mehmet Simsek said last year that the presence of Bank of China in Turkey would be a clear sign of foreign investors' interest in the domestic market.