China's largest lender to open subsidiary bank in US
17/10/2007 15:31
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 in Beijing today. "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 Macau for 4.683 billion patacas (US$585 million), 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 (US$265.96 million), the largest of its kind in Binhai
New Area of Tianjin.
Xinhua
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