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People's Daily Online>>China Business

ICBC set to launch overseas service divisions

By Chen Jia (China Daily)

13:35, March 21, 2012

Industrial and Commercial Bank of China Ltd plans to launch two overseas regional cash management centers this year to provide full-scale cross-border financial services for Chinese companies and support their expansion into the global market, a senior manager at the bank said on Tuesday.

One center will be set up in Europe in May, while the other will be opened in North America in October, said Luo Xi, vice-president of ICBC, the world's largest lender by asset value.

"The amount of ICBC's overseas assets is likely to be more than 5 percent of the total by the end of this year.

"Chinese companies are entering a transformation period, changing from exporting products to directly producing goods and services overseas, which also needs banks and other financial institutions to speed up going abroad," according to Luo.

The bank's global cash management centers help clients manage cash flows, raise loans and achieve cross-border settlements based on an international capital network.

ICBC was the first Chinese commercial bank to launch global cash management services. It currently has two global cash centers in Hong Kong and South Africa.

In 2011, ICBC's cash management services were available in more than 40 countries and regions, while its clients increased 75 percent year-on-year to more than 2,000 companies.

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