A recent press report said that Industrial and Commercial Bank of China (ICBC), the world’s largest bank in terms of market capitalization, has launched its Indian operations by inaugurating its Mumbai branch.
The bank, has a license for wholesale banking, and has planned to focus on commercial banking services in the first phase.
Mr. Yang Kaisheng, President, ICBC said that Industrial and Commercial Bank has planned to focus on the bilateral trade between India and China and has targeted Chinese companies in India in power, infrastructure and telecom.
He said that the bipartite trade between India and China has exceeded $60 billion last yea and has grown 40 per cent year-on-year. ICBC is also open to helping Indian companies looking to raise bonds denominated in Chinese yuan.
Reports said that the bank has planned to tap the domestic market and enter investment, private and personal banking.
Mr. R. Gopalan, the Economic Affairs Secretary, said that Indian companies can now raise loans up to $1 billion in Chinese yuan. ICBC has planned to start operations in other emerging markets such as Brazil and Peru.