Banking News
- ICBC to invest US$1.2b in 2007
Date: 29-May-2007 Sources: (Shenzhen Daily)
INDUSTRIAL and Commercial Bank of China Ltd. (ICBC), said yesterday it expects to budget an additional 9 billion yuan (US$1.2 billion) for fixed-asset investment this year to boost growth.
ICBC planned to invest 3.8 billion yuan in technology systems and another 3.7 billion yuan to develop its network of 17,000 branches, it said.
The Hong Kong and Shanghai-listed bank, which recently reported a 52 percent surge in first-quarter net profit, aims to keep up the strong pace in China and sees potential for growth overseas, chairman Jiang Jianqing said earlier this month.
To boost market share at home, ICBC would pour 1 billion yuan a year into setting up new wealth management centers across China over the coming three years, Jiang said.
The investment plan of ICBC, which raised US$21.9 billion in the world's biggest share issue in October, would also cover spending for security systems and transport equipment.
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