ICBC to open at Shanghai FTZ

Will be first Chinese bank with FTZ branch.

The Industrial and Commercial Bank of China, China’s largest bank, will open its first branch in the Shanghai Free Trade Zone (FTZ) before the FTZ opening on October 1.

Sources said ICBC’s Waigaoqiao Bonded Area (Waigaoqiao) sub-branch in Pudong will be upgraded as the Shanghai Free Trade Zone branch when the FTZ officially opens.

Chinese media reported that the Shanghai FTZ branch will function as an overseas branch and will be independent from ICBC’s domestic transaction system.

The same sources said the Shanghai FTZ will pilot a series of trials such as adapting market interest rate and free currency exchange policies, and supporting offshore banking. Banks in the FTZ are allowed to provide offshore banking, cross-border transactions and financing services.

Bank of China had applied to upgrade its Yangshan and Waigaoqiao sub-branches to branches in the FTZ while Bank of Communications will choose one of three local sub-branches to be its FTZ branch.

Foreign banks such as HSBC and Standard Chartered Bank are reportedly also interested in setting up branches in the FTZ.

Also Read

Thailand’s Krungthai Bank temporarily closes two branches

Japan’s SMBC opens a branch in India’s GIFT City

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit