皇冠体育app

Money

皇冠体育app's ICBC eyes more acquisitions in SE Asia

(Agencies)
Updated: 2010-11-03 14:55

BANGKOK - Industrial and Commercial Bank of 皇冠体育app (ICBC) was looking for acquisitions in countries in Southeast Asia where now it has no presence, Reuters quoted company chairman on Wednesday.

Cautious monetary policy urged Related readings:  Report: ICBC buys small US brokerage firm  ICBC starts expansion into insurance sector  ICBC says first half profits up 27% on loan surge  ICBC to raise 25b yuan in convertible bonds

Southeast Asia is where ICBC also focus on as it offers growth potential, and the bank is looking for opportunity in the region, ICBC Chairman Jiang Jianqing told a news conference in Bangkok.

ICBC, which has 194 overseas branches and subsidiaries in 22 countries, now operates in five countries in Southeast Asia: Indonesia, Thailand, Malaysia, Singapore and Vietnam.

In April, it completed the acquisition of a 97.24 percent stake of Thailand's smallest lender, ACL Bank, for about $550 million.

The acquisition would be a platform for entering Thailand, Vietnam and Cambodia, as ICBC expands its network in Southeast Asia's fast-growing banking market, the bank said.