ICBC London's assets reach nearly $2.5b
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Industrial and Commercial Bank of China (ICBC) set up ICBC London in May 2003. |
Industrial and Commercial Bank of China (ICBC) London, the bank's wholly-owned subsidiary in UK, has accumulated total assets of nearly $2.5 billion, Securities Times reported Wednesday.
Established in May 2003, ICBC London has now grown into a mainstream bank in London that offers an extensive range of financial products and services to clients in the UK, Western Europe and Africa.
The bank's outstanding loans rose to about $1.2 billion in 2010 from $100 million in 2005. The bank's trade finance volume last year reached nearly $10 billion, about 50 times that of 2005. Its pre-tax profits for 2010 surged nearly four times compared to 2009.
ICBC London's local clients currently account for more than 70 percent of its total clients.
Three of China's Big Four banks- ICBC, Bank of China and China Construction Bank- have set up branches or subsidiary companies in the UK.
China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
