China's ICBC expands in Korea

ICBC is expanding to cater to the growing business transactions between Korea and China.

It recently opened a new branch in the northeastern district of Gwangjin, South Korea, where more than 12,000 Chinese people are estimated to reside.

"Gwangjin-gu is one of the main neighborhoods for Chinese residents in Seoul," said Chui Jiqia, head of the bank's South Korean operations.

"The newly set-up branch will further improve the service network of ICBC in South Korea," he added.

ICBC entered the South Korean market by setting up a representative office in 1993, which was upgraded to a branch in 1997. The Chinese bank's Busan branch and southwestern Seoul branch opened in 2002 and in 2010, respectively.

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