China’s largest bank to expand in to Pakistan

Industrial and Commercial Bank of China focusing on emerging markets.,

SANYA:

Industrial and Commercial Bank of China Limited (ICBC), the world’s biggest bank by market value, plans to increase its global footprint by setting up new branches in countries such as Brazil, India and Pakistan, according to bank chairman on Thursday.

However, ICBC is not considering acquiring European banks in the near term, Chairman Jiang Jianqing told Reuters in an interview ahead of the Boao Forum in the southern province of Hainan.

The bank aims to draw 10 per cent of its assets and profit from overseas operations by 2016, up from four per cent now, he informed.

“Over the next several years, we will mainly look at emerging countries and consider their economic potential, growth rate and extent of trade relations with China,” he said, adding, “Emerging countries are our regions of choice.”

ICBC has been aggressive, compared with 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 per cent of Bank of East Asia’s US business in January for $140 million.

The bank also opened five branches in Europe this year and has applied to open one in Peru.

Published in The Express Tribune, April 15^th,  2011.