China’s ICBC branches out in Spain

| January 25, 2011 | 0 Comments

Industrial & Commercial Bank of China (ICBC) has opened its first branch in Madrid, Spain, which will provide a wide range of financial services to 166,000 Chinese nationals living in the country.

ICBC, which is the world’s largest bank by market value, has a total workforce of 386,723 and operates more than 150 foreign branches throughout the world.

Its latest branch opening in Spain is part of an ambitious expansion plan in Europe that reflects Beijing’s growing presence across the globe.

The bank’s expansion plan will see it strengthen its presence in Europe with the opening of branches in Amsterdam, Brussels, Milan and Paris.

ICBC, which is the world’s most profitable bank, has a market capitalisation of almost $300 billion.

It reported third quarter net profit of 42.6 billion yuan - a 27% increase compared with the same period a year earlier.

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