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China's biggest commercial bank to expand overseas

www.chinanews.cn 2005-02-04 16:20:19

Chinanews, Beijing, Feb.3 (By Lipeng) - The Industrial and Commercial
Bank of China (ICBC) will accelerate the development of its overseas
network and expand business overseas to provide qualified and highly
efficient service for overseas Chinese enterprises, said a ICBC spokesman
on February 3.
In terms of its multinational operation strategy, ICBC will follow the
principle of "strengthening Asia, consolidating Europe, and breaking into
America", geographically extending to the entire world and covering all
major international financial centers. Specifically, it hopes to
penetrate the Southeast Asian market using China's influence in East Asia
Alliances and Asian regions. In Europe, its strategy is to localize
operation and focus on the three institutional hubs in Frankfurt,
Luxemburg and London, so it can eventually enter the mainstream of local
economic and financial development. Lastly, it is seeking opportunities
to break into the North American market as soon as possible.
As the largest commercial bank in China, ICBC possesses a broad domestic
customer base and has greatly advanced its multinational operation
strategy in recent years. By the end of last year, ICBC had sixteen
overseas organizations, including eight branches, three wholly owned
subsidiaries, two holding companies, and three representative offices,
adding up to almost 100 overseas offices. Its overseas institutions'
total capital has risen 13.8% to 20.03 billion US dollars from the
beginning of year, with cumulative profits of 129 million US dollars.
Furthermore, both its bad debt ratio and its capital adequacy rate are at
the world's advanced level for the industry.

E-mail: zhangqinghua@chinanews.com.cn Tel: 8610-88387443 Fax:
8610-68327649

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