Chinese bank ICBC expands robustly in the City of London

17:06, December 24, 2010      

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While most banks in the City of London are still struggling with the aftermath of the global financial crisis, ICBC London Limited, a subsidiary of Industrial and Commercial Bank of China which is the world’s largest bank in terms of market capitalization, is riding high.

The company’s pre-tax profits for 2010 are expected to be five times as much as those in 2009, reaching 25 million U.S. dollars, and its total assets are expected to double to 2.5 billion U.S. dollars. They have also bought a new bigger office building which is only 200 meters away from the Bank of England.
The bank has the plan to set up its foreign exchange trading floor which operates in real-time with Beijing and New York, a further step towards the presence on the global market.
However, the bank does not expect to be one of the top players on the developed markets. Its ambition is to increase its assets to tens of billions of U.S. dollars in five to ten years, smaller than those top players.

Besides its own progress on business expansion over the past seven years since it was established in 2003, the global financial crisis has brought new opportunities. The British banking sector was hit hard by the global financial crisis. As a result, some big multinationals turned to ICBC London for fund raising. They have made ICBC’s core clientele currently.
In addition, ICBC also recruited many talents who lost their jobs at big foreign banks. Their rich experience and resources also have helped boost ICBC’s business.

By Li Jia, People’s Daily Online
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