Turkiye Is Bankasi’s board approved the Hong Kong expansion plan two months ago and the lender was awaiting clearance from Turkish authorities before formally approaching the Hong Kong Monetary Authority for a banking licence, the sources said.

If approvals proceeded as expected, the bank – Turkey’s biggest private bank by assets under management – hoped to begin operations in the city in about a year. The move, if realised, would mark the first time a Turkish bank established operations in Hong Kong.

“We like Hong Kong’s position as a financial hub, and it’s the centre of Asian business,” the sources said, adding that a branch in Hong Kong would “complete” the bank’s coverage in China.

China was Turkey’s largest trading partner, and the bank already maintained a representative office in Shanghai focused on market research and client support, the sources said.

The bank had begun assessing potential office locations in key business districts, including Central, as part of its early planning, the sources said. It was also speaking with potential partners and market participants as it evaluated how to set up the Hong Kong operation. The office was expected to start relatively small, with about 20 staff focused mainly on corporate banking and trade finance, though plans remained under review.