Industrial and Commercial Bank of China (ICBC) has launched its Asia Pacific Business to develop its business in Asia, Australia and New Zealand.
The new business encompasses 20 countries and regions, which include the UAE, Qatar, Kazakhstan, Kuwait, Myanmar, Australia, Indonesia, Japan, Pakistan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam, and the Far East areas of Russia.
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The bank said that the new division will look to capitalise on the opportunities offered by various national policies such as Belt and Road initiative, the internationalisation of the Renminbi and the Going-Global of Chinese enterprises.
The bank said that in order to support greater collaboration, ICBC’s overseas banking arm ICBC (Asia) has inked cooperative agreements with the State Development and Investment, China XD Group, China Reform Holdings, and PowerChina International Group.
ICBC (Asia) chairman and executive director Chen Aiping said: "Our parent company, ICBC, has previously affirmed ICBC (Asia) as the Group’s offshore Renminbi trading center. Today, we are again acknowledged and supported by our parent company, to establish the Asia-Pacific Business Department specifically responsible for coordinating the development of the Group’s related business in Asia, Australia and New Zealand.
"This fully reflects the assurances and expectations from the parent company on us for the development of overseas markets, especially in the Asia Pacific region."
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