The country'biggest lender, the Industrial and Commercial Bank
of China (ICBC), is expanding its overseas services and securing a
bigger European market share.
The ICBC Frankfurt branch, the bank's Euro clearance center, has
amassed Euro remittance worth US$1.4 billion in the first seven
months of 2006 -- up 30 percent on last year.
The branch, established in 1999 and ICBC's first European
venture, had US$700 million in assets by the end of July according
to a report released by the bank.
Its London bank, a trade finance provider with a market share of
10 percent, raised US$70 million last year compared with US$40
million the year it opened in 2003. The London branch also
experienced a 30 percent growth in assets and a 50 percent increase
in profits in the first half of the year.
ICBC has also continued to upgrade its international services
with the help of foreign strategic investment. In January Goldman
Sachs, American Express and Allianz Group paid a combined US$3.8
billion for a nine percent stake in ICBC - the largest ever amount
of foreign investment in China's banking industry.
Last year the bank handled foreign exchange transactions worth
US$140 billion and its international settlement business grew
steadily. ICBC has 106 branches around the world and established
ties with 1,165 banks in 114 countries and regions at the end of
last year.
The bank's total foreign currency assets exceeded US$60 billion
by the end of 2005 with both its foreign currency deposits and loan
balances standing at US$29 billion. The bank said its business
profits hit 90 billion yuan (US$11.25 billion) in 2005.
(Xinhua News Agency September 18, 2006)