Turkey's capital markets regulator has approved Industrial and Commercial Bank of China (ICBC)'s tender offer to buy the remaining shares in Tekstil Bankasi AG, the world's biggest lender by assets said.

Last year, ICBC bought a 75.5 percent stake in Tekstilbankfor $316 million to benefit from the $28 billion bilateral trading relationship between the two countries.

The Capital Markets Board of Turkey approved the tender offer recently, ICBC said in a filing to the Hong Kong Stock Exchange, adding the initial purchase price was 2.1091 Turkish lira for each 10 shares. The tender offer will run from July 20 to Aug. 14.

China's banking regulator approved the deal in March this year.