China's Commercial Bank ICBC to Open Branch in Macao

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Last updated at: (Beijing Time) Tuesday, April 29, 2003

China's Commercial Bank ICBC to Open Branch in Macao

The Industrial and Commercial Bank of China (ICBC), the largest commercial bank in China, will soon open its branch in Macao Special Administrative Region (SAR).

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The Industrial and Commercial Bank of China (ICBC), the largest commercial bank in China, will soon open its branch in Macao Special Administrative Region (SAR).

Shen Xiaoqi, head of the ICBC's preparation group in Macao, said here Tuesday, that the upcoming branch in Macao will add ICBC's overseas subsidiaries to nine in number.

The bank has made a strategic reform to transfer its primary customer target from large and medium-sized industrial and commercial enterprises and urban consumers to foreign-funded and private firms, said Shen.

"Macao's link with the European Union as well as Portuguese-speaking countries through history can serve as a springboard for ICBC to tap the overseas market," Shen said.

ICBC's branch will bring the number of banks in Macao to 23. Industry insiders have pointed out that the ICBC entry will consolidate market competition of the financial market in Macao, which has been boosted by sustained economic recovery of the SAR for three years in a row as well as the liberalization of the gaming industry since last year.

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