Money

China's ICBC eyes more acquisitions in SE Asia

(Agencies)
Updated: 2010-11-03 14:55

BANGKOK - Industrial and Commercial Bank of China (ICBC) was looking for acquisitions in countries in Southeast Asia where now it has no presence, Reuters quoted company chairman on Wednesday.

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Southeast Asia is where ICBC also focus on as it offers growth potential, and the bank is looking for opportunity in the region, ICBC Chairman Jiang Jianqing told a news conference in Bangkok.

ICBC, which has 194 overseas branches and subsidiaries in 22 countries, now operates in five countries in Southeast Asia: Indonesia, Thailand, Malaysia, Singapore and Vietnam.

In April, it completed the acquisition of a 97.24 percent stake of Thailand's smallest lender, ACL Bank, for about $550 million.

The acquisition would be a platform for entering Thailand, Vietnam and Cambodia, as ICBC expands its network in Southeast Asia's fast-growing banking market, the bank said.