China's ICBC opens Sydney branch

China's largest bank, the Industrial and Commercial Bank of China (ICBC), has opened its first Australian branch in Sydney.

ICBC was granted a banking licence by the Australian Prudential Regulation Authority in May, becoming the tenth foreign subsidiary bank in Australia.

ICBC operates in Hong Kong, Macau, Singapore, Frankfurt, Luxembourg, Seoul, Tokyo, London and Kazakhstan, as well as in more than 35 Chinese locations.

Beijing-based ICBC was founded in 1984 and took on the industrial and commercial credits and savings businesses originally transacted by the People's Bank of China.

ICBC is listed on the Shanghai and Hong Kong stock exchanges, and had a market capitalisation of $US338.9 billion ($A404.17 billion) by the end of 2007 making it the largest listed bank by market capitalisation in the world.

Rival China Construction Bank opened a representative office in Sydney last year.

(The Age.com.au)

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