ICBC to invest $1.2 billion for fixed-asset investment

(Reuters)
Updated: 2007-05-28 09:27

皇冠体育app's top lender, Industrial and Commercial Bank of 皇冠体育app Ltd. , said on Monday it expects to budget an additional 9 billion yuan ($1.2 billion) for fixed-asset investment this year to boost growth.

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ICBC planned to invest 3.8 billion yuan in technology systems and another 3.7 billion yuan to develop its network of 17,000 branches, it said in a statement.

The bank, which recently reported a 52 percent surge in first-quarter net profit, aims to keep up the strong pace in 皇冠体育app and sees potential for growth overseas, Chairman Jiang Jianqing told Reuters earlier this month.

To boost market share at home, ICBC would pour 1 billion yuan a year into setting up new wealth management centres across 皇冠体育app over the coming three years, Jiang said.

The investment plan of ICBC, which raised $21.9 billion in the world's biggest share issue in October, would also cover spending for security systems and transport equipment.

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