ICBC to expand globally via emerging countries

Industrial and Commercial Bank of China Ltd. will increase its global footprint by setting up branches in India, Pakistan and Brazil.

This was announced by its Chairman Jiang Jianqin.

The bank aims to draw 10 percent of its assets and profit from overseas operations by 2016, up from 4 percent now, Jiang said.

But ICBC is not considering acquiring European banks in the near term, Jiang told Reuters.

"Over the next several years we will mainly look at emerging countries, and mainly consider their economic potential, growth rate and

extent of their trade relations with China," Jiang said. "Emerging countries are our regions of choice."

ICBC has been aggressive compared to other Chinese banks in boosting its overseas presence through acquisitions and establishing branches, although on a much smaller scale than its western competitors.

It acquired 80 percent of Bank of East Asia Ltd's U.S. business in January for $140 million.

ICBC also opened five branches in Europe this year, and has applied to open one in Peru. Brazil's central bank said this week that ICBC would establish a presence in Brazil, capitalised initially at $100 million.

The full story is available at reuters.com.