ICBC granted banking license in Malaysia

Nov. 23, 2009 (China Knowledge) - Industrial & Commercial Bank of China<601398><1398>, the world's largest lender by market value, announced that it has obtained a banking license from Bank Negara and would set up a subsidiary bank in Malaysia, one of China's most important trading partners in Asia, sources reported.

ICBC will launch banking operations in Kuala Lumpur, and the subsidiary bank is expected to vigorously integrate itself into the local financial market and play an active role in servicing bilateral economic exchanges and trade, said the lender.

The new branch is also expected to help boost Malaysia's economic development through leveraging the Chinese lender's extensive customer base, capital strength, network and state-of-the-art technology.

The move is part of ICBC's move to further expand in the region. ICBC is 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>.

As of the end of September 2009, ICBC has 155 branches and offices in 15 countries and regions and 1,393 correspondent banks in 125 countries and regions.