ICBC grants less RMB loans in Oct

Nov. 6, 2009 (China Knowledge) - Industrial & Commercial Bank of China<601398><1398>, the world's largest lender by market value, saw its new RMB loans in October decrease slightly from RMB 34.9 billion in September, sources reported, citing Executive Vice President Niu Ximing as saying.

ICBC's new RMB loans amounted to approximately RMB 33 billion last month.

The lender's monthly new RMB loans may remain about a similar level in the remaining months of this year, Niu added.

ICBC is likely to receive a banking permit from the government of Malaysia during Chinese President Hu Jintao's visit to Kuala Lumpur next week, according to an earlier from China Knowledge.

The permit will enable ICBC to open four branches in the country. ICBC will be the first foreign bank to be granted a banking license in Malaysia in nine years. In 2000, Malaysia granted a bank permit to Bank of China Ltd<601988><3988>.