Bank of China setting up desk in Turkey's Akbank

Akbank TAS and Bank of China Ltd have set up a joint China desk at the Istanbul-based lender to provide financial services to Chinese firms in Turkey.

"This is the first step towards greater co-operation," Akbank's chief executive officer Hakan Binbasgil said on Tuesday in Istanbul. "The two countries are very similar in terms of their economic growth. Relations are bound to grow."

The China desk will provide services such as foreign trade, yuan transactions, treasury products and structured finance to around 450 Chinese firms already operating in Turkey, as well as those which plan to invest, Binbasgil said.

Akbank, part owned by Citigroup Inc, is open to similar kinds of co-operation with financial institutions from other countries, he said.