Turkiye Is Bankasi plans to set up a Hong Kong office to connect China and Asian markets with the Middle East, amid rising tensions in the region.

Turkey’s largest private bank plans to set up a Hong Kong office, according to sources familiar with the matter, in a move that underscores the city’s role as a gateway for lenders seeking to connect China and Asian markets with the Middle East. 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...