Banking News
- China's largest lender to open subsidiary bank in U.S.
Date: 17-Oct-2007 Sources: (Xinhua Online)
The Industrial and Commercial Bank of China (ICBC) has planned to open a subsidiary in the United States, as part of its going-global strategy which also involves Russia, Australia and the Middle East, Board Chairman Jiang Jianqing said here on Wednesday.
'Preparations have been going on smoothly. We hope to receive approval from American authorities as early as possible,' said Jiang, a delegate to the ongoing 17th National Congress of the Communist Party of China, at a news briefing.
Jiang said the ICBC would open a branch in Russia next month, take over a bank in Sydney and start another two new branches in Dubai and Doha respectively. However, he didn't reveal investment details.
In its latest overseas expansion, the ICBC clinched an agreement with Seng Heng Bank Limited on Aug. 29 to acquire a stake of nearly 80 percent of the bank in Macao for 4.683 billion patacas (585 million U.S. dollars), according to the bank's website.
The ICBC currently has 16,807 domestic outlets and 98 overseas branches and representative offices as well as 1,326 correspondent banks around the world.
Apart from raising its global visibility, the bank has been engaged in financial innovations at home. In September, China's banking regulator approved the bank to set up a leading company with a registered capital of 2 billion yuan (265.96 million U.S. dollars), the largest of its kind in Binhai New Area of Tianjin.
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