ISTANBUL - The Turkish subsidiary of the Industrial and Commercial Bank of China (ICBC) on Thursday was granted the "Best Investment Banking of the Year Award" by the Turkish Capital Market Association (TCMA).

Istanbul Stock Exchange Deputy General Manager Korkmaz Enes Ergun presented the award to Gao Xiangyang, chairman of ICBC Turkey, at the fifth Annual Capital Market Awards Ceremony hosted by the TCMA in Istanbul, according to a press release issued after the event.

Ergun praised ICBC Turkey for its "outstanding contributions" to the Turkish capital market, the release said, noting that this was the third consecutive time that it won the award from the association since 2017.

The award of the TCMA, a self-regulatory organization which has been offering services to investors to contribute to the development of the national economy, is considered one of the most prestigious honors in the Turkish capital market.

The release quoted Gao as saying that the ICBC would continue to provide high-quality financial services to Chinese and Turkish customers and contribute to the development of bilateral economic and trade relations between the two countries.

ICBC Turkey has supported several medical and health projects, including the financing of two city hospitals, and has been playing an important role in the country's fight against the COVID-19 pandemic, the release added.

The Turkish subsidiary of the ICBC was established after the lender purchased a majority of shares of Turkey's Tekstilbank in 2015 and has been licensed for commercial banking, investment banking, and asset management.

Over the years, ICBC Turkey has been financing major projects under the Belt and Road Initiative and supporting Turkey's economic, industrial, and social development.