ICBC fuels European expansion with launch of €1 billion fund

It's targeting Central and Eastern European governments.

The Industrial and Commercial Bank of China (ICBC) has established the CEE Financial Corporation, which will facilitate the bank's expansion into Central and Eastern Europe.

CEE Financial Corporation and will be wholly-owned by ICBC's subsidiar ICBC Asia. It has a total capital of €1 billion.

The CEE Financial Corporation will establish market funds to raise funds from the Central and Eastern European governments or their authorized agencies and other markets in the world.