ICBC to set up banking unit in Malaysia

 

The Industrial and Commercial Bank of China (ICBC), which received a banking license last week to operate in Malaysia,
will establish banking operations in Kuala Lumpur with the setting up of a subsidiary bank in the country.

ICBC's subsidiary bank in Malaysia will then vigorously integrate itself into the local financial market and play an active role in servicing bilateral economic exchanges and trade, the bank said in a statement today.

The move would also boost Malaysia's economic development through leveraging ICBC group's extensive customer base, capital strength, network and state-of-the-art technology, it said.

As at end-September 2009, ICBC has 155 branches and offices in 15 countries and regions and 1,393 correspondent banks in 125 countries and regions.

Combined, this constitutes a worldwide financial service platform with clearly-layered structure, targeted market segments, diversified delivery channels and efficient operations and covers international financial hubs and China's major economic and trade partners, ICBC said.

ICBC is the world's largest bank in terms of market value, profitability and deposits.

The subsidiary would mark a significant breakthrough in ICBC's globalisation strategy and a reflection of the fast expanding trade, economic and commercial ties between China and Malaysia.

ICBC was granted the banking licence by Bank Negara on November 20, 2009.

Its application was also approved by China Banking Regulatory Commission previously.

Malaysia is one of China's most important trading partners in Asean. -- Bernama