ICBC Aims to Extend Reach

Industrial and Commercial Bank of China, the world’s biggest lender by market value, plans to open a bank in Brazil, extending its reach to Latin America’s largest economy after expanding in Europe and the US.

This is part of a national ‘go-out’ strategy to deploy investment and capital in countries or regions where there are rich resources or booming trade and commercial activities by Chinese enterprise. 

Bank chairman Jiang Jianqing has spent more than US$6 billion on acquisitions in regions spanning from Asia to South Africa and America over the past 2 years as he seeks to triple the share of profit coming from abroad to 10%. Operating income from ICBC’s overseas businesses accounted for 3% of its total at the end of last year.


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