The acquisition of six Bank of East Asia branches is part of ICBC's global expansion plan.
Industrial and Commercial Bank of China (ICBC), the world’s largest bank by market value, is moving into Canada with plans to compete directly with domestic financial institutions in some of their key markets.
After purchasing a small network of six branches in Canada formerly owned by Bank of East Asia, ICBC plans to use those assets as a beachhead for its Canadian expansion.
The strategy, which has been in the works for some time, will be unveiled in Toronto Tuesday.
ICBC intends to target newcomers from China and businesses with interests in both China and Canada, two areas in which Canada’s major banks have been eager to grow.
The move underscores the increasing international ambitions of China’s major banks, several of which now rank among the world’s largest financial institutions after enjoying a long period of rapid growth.
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