Banking News
- ICBC applies for New York branch
Date: 10-May-2007 Sources: (Xinhua Online)
Industrial & Commercial Bank of China Ltd, the nation's largest, applied to open its first branch in New York as part of a plan to accelerate overseas expansion and become a global player.
The bank is awaiting approval to upgrade its representative office to a branch which can offer lending and deposit services, the U.S. Federal Reserve said on its Website.
ICBC plans to add more outlets in countries with 'strong trade and economic ties with China,' said Pan Gongsheng, board secretary of the Beijing-based bank. ICBC, which in October raised 22 billion U.S. dollars in the world's biggest initial share sale, and local rivals are seeking to expand globally as international banks enter China, threatening to erode margins on lending.
The bank in January agreed to buy 90 percent of PT Bank Halim Indonesia, marking its first overseas purchase.
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