The Industrial and Commercial Bank of China has completed its acquisition of a 75-percent stake in Turkish bank Tekstilbank.

Tekstilbank mainly caters to small and medium-sized businesses, as well as retail customers.

The purchase of the majority stake is the first Chinese banking foray into Turkey.

ICBC says it is also prepared to make a full purchase of Tekstilbank if the Turkish government will allow it.

ICBC is now active in 42 countries and regions around the world.