RETAIL BANKING | Cesar Tordesillas, China

ICBC grows assets by pursuing Chinese clients overseas

By extending its overseas operating institutions to 15 countries, ICBC's overseas operating assets as of end of June grew to US$46 billion, increasing 15 percent from the beginning of 2009. So far the Industrial and Commercial Bank of China had set up and owns 143 overseas branch institutions and banks and established agency relationships with 1378 banks in 125 countries and regions.According to the ICBC, since more and more Chinese enterprises have "gone global," they have transformed from the previous global purchase and global sales to global production, and are gradually becoming transnational enterprises on their own."Many of the clients of ICBC are such enterprises, and going global with them practically means extending the integrated advantages in domestic business across the borders, utilising the joined forces in business and providing cross-border financial services for a great deal of Chinese enterprises that have gone global," said an ICBC statement.

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