The Industrial and Commercial Bank of China (ICBC), the world's largest commercial bank by market value, opened its first branch in the United States Wednesday.

As a platform for ICBC's businesses in the U.S., the branch will take advantage of the funds, network, and technology provided by ICBC Head Office, and provide comprehensive banking services for clients, multinational corporations and financial institutions in both countries, said the bank.

The branch will engage in wholesale deposits, loans, trade financing, U.S. dollar clearing, treasury and other banking businesses.

"The growing economic, trade and investment relations between China and the U.S. have laid a foundation for the development of the financial sector, and generated new demands for banking services," said Jiang Jianqing, chairman of Industrial and Commercial Bank of China at the opening ceremony.

Although the current financial crisis is still spreading, he believes that under the concerted efforts of the governments around the world, the U.S. economy will be able to ride out the storm, restore prosperity, and that world financial industries will definitely move out of turmoil and depression, and embrace recovery and prosperity.

The launch of ICBC New York branch at such a special moment was an expression of the confidence in the long-term prospects for U.S. economy, he added.

"Despite the ongoing turmoil in the financial markets, New York City continues to be where the world's brightest talent and leading companies, including top global financial institutions, want to be, and the Industrial and Commercial Bank of China's decision to establish its U.S. presence with a location in New York is the latest example of that," said Mayor Michael R. Bloomberg. "ICBC is banking on New York City's long-term success, and for good reason. Congratulations to ICBC on its new venture."

As China's largest commercial bank, ICBC has a strong customer base, advanced information technology, and the advantages of a wide range of products, and maintains a leading position in all the major business areas.

Since its simultaneous listings in Shanghai and Hong Kong in 2006, ICBC has experienced rapid and sustained increase in management capacity and profitability. In the first half of 2008, ICBC realized after-tax profits of about US$9.5 billion, becoming the world's most profitable bank.

As of the end of June, 2008, ICBC has extended business in situations to 15 foreign countries and regions, with a total of 126 branches and subsidiary banks, and established bank agency relations with 1,349 banks in 122 countries and regions.

(Xinhua News Agency October 16, 2008)