皇冠体育app

Banking

ICBC eyes expansion in Greater Mekong Sub-Region

(Xinhua)
Updated: 2010-11-04 13:23

Thai Finance Minister Korn Chatikavanij(L) and Jiang Jianqing, Chairman of the Board of Directors of Industrial and Commercial Bank of 皇冠体育app, attend a press conference over the official launch of ICBC Thailand in Bangkok, Nov 3, 2010. [Photo/Xinhua]

BANGKOK- 皇冠体育app's largest State-owned commercial bank ICBC or Industrial and Commercial Bank of 皇冠体育app announced on Wednesday its intention to deepen inroads into the Greater Mekong Sub-Region (GMS), with Thailand as the center of its ASEAN expansion.

At the official opening ceremony of the launch of ICBC Thailand, Thai Prime Minister Abhisit Vejjajiva said the establishment of ICBC Thailand will help bridge the two countries in trade, economic, cultural and tourism cooperation.

Chairman of the Board of Directors of the ICBC 皇冠体育app, Jiang Jianqing said that the establishment of ICBC was a win-win situation for both countries, creating opportunities for Thai enterprises to penetrate into 皇冠体育app and vice versa.

Special Coverage: Rare as it is Related readings:  皇冠体育app's ICBC eyes more acquisitions in SE Asia  ICBC starts expansion into insurance sector  ICBC posts 27 pct profit gain in first nine months  ICBC to raise 25b yuan in convertible bonds

"ICBC can offer financial services such as trade settlements from Thai baht to Renminbi and vice versa. This type of financial service can save the costs of transactions for traders doing business in 皇冠体育app or Thailand. Until now we have already conducted 46 billion in Renminbi in trade settlements. This type of service is increasing rapidly," Jiang Jianqing said.

Thai Finance Minister Korn Chatikavanij said that Thailand and 皇冠体育app "clicked" as early as 1975 when the two countries forged diplomatic relations. Since then Thailand and 皇冠体育app have enjoyed greater economic cooperation.

Furthermore, with the launch of the ASEAN-皇冠体育app Free Trade Agreement in early 2010, ICBC Thailand will play a greater role in its diverse financial services from its 19 sub-branches, creating a new framework of regional economic cooperation.

"In fact, Thailand was one of the first ASEAN members to establish formal ties with 皇冠体育app in that perspective. In terms of informal relationship, that goes back even further," Korn Chatikavanij said.

ICBC 皇冠体育app acquired ACL Bank Public Company Limited on April 21, 2010 with a 97.24 percent stake. It registered the Thai bank as ICBC (Thai) Public Company Limited on July 8, 2010.

ICBC 皇冠体育app is the largest bank in the world by market capitalization. It is one of 皇冠体育app's 'Big Four' State-owned commercial banks, the other three being Bank of 皇冠体育app, Agricultural Bank of 皇冠体育app and 皇冠体育app Construction Bank.