ICBC to aid Chinese firms' overseas expansion (Xinhua) Updated: 2004-10-16 10:22
President Jiang Jianqing of the Industrial and Commercial Bank of China
(ICBC) said in Beijing Friday that his bank is able to better serve Chinese
enterprises in their global development strategies.
Addressing a business forum held by the Reference News of Xinhua News Agency,
Jiang said that Chinese enterprises are usually plagued by a lack of funds when
expanding business overseas -- and their need for money will be definitely on
the increase in the long run.
Chinese firms can hardly get loans in overseas banks, Jiang acknowledged.
While the ICBC, China's biggest lender, boasts advantages in serving overseas
subsidiaries of domestic companies, he said, citing the bank has wide-ranging
links with and knows much about domestic enterprises.
The bank also has hefty capital. It processes total assets of 5.5 trillion
yuan (US$663 billion), including nearly 90 branches in overseas financial
centers with combined assets of US$17.7 billion.
As part of its effort to expand overseas market, the ICBC has been made
profits on loans to overseas subsidiaries of Chinese enterprises.
The bank said earlier that it is scheduled to go public in 2006, when it will
invite overseas financial corporations to buy its shares, an endeavor that
industrial experts say will consolidate its footing in overseas market.
