Industrial and Commercial Bank of China has received approval to open its first branch in the United States, state media reports.
The Federal Reserve Board has officially approved ICBC's request to open a branch in New York. "This
marks an important milestone in the process of globalisation for ICBC,"
state media quoted Wu Bin, Head of ICBC's New York representative
office.
The new branch will serve as ICBC's business platform for the American
market. It took 11 years for ICBC to upgrade from a representative
office to branch status. The Chinese government owns almost 75 per cent
of the world's largest bank by market capitalisation.
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