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Internationalisation of ICBC

Volume 3, 2016

Gu Shu, Senior Executive Vice President,  Industrial and Commercial Bank of China

 

“ICBC is the biggest RMB bank and we are becoming quite international.

ICBC currently has about RMB22 trillion in assets and on the liability side it’s RMB16 trillion.  Last year’s annualised profit was roughly RMB27 billion.  We have quite an extensive RMB customer base: five million corporate customers and 500 million retail customers.  For RMB business we currently have six overseas branches and have been designated by the People’s Bank of China as the official clearing bank.  In Europe, we have a Luxembourg branch; we are in America and we also have some clearing banks in Asia – a Singapore branch and two other branches.  So we can handle RMB clearing on a real-time basis, 24 hours, around the clock.

Beyond that, we presently have 42 countries and regions where our overseas branches can provide services, especially RMB services, to our customers; so we are becoming more and more international. So on one hand we can provide two-way service, to better service our overseas customers and help them better understand China. On the other hand, we help our Chinese customers access overseas markets.” 

*Date of speech: May 24, 2016