ICBC Continues to Reduce Number of Branches in Turkey
Published
Chinese banking giant ICBC has made a new decision to downsize its operations in Turkey. As part of its strategy to narrow its branch network across the country, the bank has decided to close another one of its branches. With this development, the total number of branches serving in Turkey has fallen to 10.
The digitalization process in the banking sector is reducing the importance of physical branches day by day. Many banks are focusing on digital channels to reduce costs and increase operational efficiency. This move by ICBC is also considered to be in line with the general digital transformation trend in the sector.
ICBC entered the Turkish market in 2015 and began its operations by acquiring Tekstilbank. Having served as an important bridge in trade relations between Turkey and China since that time, the bank focuses on corporate banking. Despite the reduction in the number of branches, it is stated that the bank will continue its investment and financing activities in Turkey.
In recent years, the trend of closing branches in the Turkish banking sector has become noticeable. The fact that customers use mobile banking and internet branches more frequently is leading banks to close their physical offices or move them to smaller spaces. Whether ICBC will continue to serve with its remaining 10 branches will depend on strategic decisions in the coming period.
Sources: Cumhuriyet
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