ICBC Standard Bank, whose main shareholder is the Industrial and Commercial Bank of China (ICBC), and the Turkic Investment Fund (TIF) discussed potential operations in the Fund's member countries, Report informs.
The discussions were held between Ramil Babayev, CEO of TIF, and Chong Gao, CEO of ICBC Standard Bank Plc.
The parties held discussions on potential operations in TIF member countries and exchanged views on concrete opportunities for cooperation. In this context, both sides expressed interest in exploring treasury operation in more detail and possible syndication structures and agreed to follow up on identified opportunities through their respective teams.
The meeting concluded with a shared understanding to maintain close engagement in support of development-oriented investments in the region.
On February 1, 2015, ICBC acquired a controlling stake in Standard Bank Global Markets, the London-based division of Standard Bank Plc, including Standard Bank Plc and several other international operations. The bank was subsequently renamed ICBC Standard Bank Plc.
The decision to establish the Turkic Investment Fund was made at the 9th Summit of the Organization of Turkic States (OTS), held on November 11, 2022, in Samarkand. The agreement establishing the TIF was signed by Azerbaijan, Kazakhstan, Kyrgyzstan, Türkiye, and Uzbekistan at an extraordinary OTS summit in Ankara on March 16, 2023, and entered into force on February 24, 2024.
Following Hungary's accession, the Fund's authorized capital increased by $100 million to $600 million. It was previously noted that the TIF plans to further increase its capital over the next five years.