CHINESE BANK OPENS TRADE OPPORTUNITIES WITH BRISBANE BRANCH

Written on the 21 September 2016

CHINESE BANK OPENS TRADE OPPORTUNITIES WITH BRISBANE BRANCH

INDUSTRIAL and Commercial Bank of China (ICBC) has opened its second Australian branch in Brisbane to support international trade.

ICBC already operates an international branch in Sydney, while building on the financial institution's representative office in Brisbane.

Acting Premier and Treasurer Curtis Pitt says the move demonstrates a significant vote of confidence in the state's economy.

"ICBC also has an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness," Pitt says.

"It opens new opportunities for Queensland investors and exporters while offering mutually beneficial opportunities in our state for Chinese investors.

"The new ICBC branch will be able to fully support businesses engaged in trade between China and our state.

"It will also support Chinese companies seeking mutually beneficial investments in Queensland as well as service Queensland companies doing business in China or interested in entering the market."

ICBC is one of the largest banks in the world, with 5 million corporate customers, 496 million personal customers and assets worth $4.4 trillion.

It's the fourth major Chinese bank to establish a branch in Queensland in recent years.

"Our Australian operations commenced in 2008 and we have established offices in Sydney, Melbourne and Perth," says ICBC chairman Huiman Yi.

"As part of ICBC's growing confidence in the state of Queensland, we have made the decision to establish a branch in Brisbane."

Pitt says China is the largest single source of overseas visitors to Queensland, accounting for almost 20 per cent of total international tourists.

"The new ICBC branch will help build on these types of existing bonds and develop new connections that have the potential to generate new business opportunities both here and in China and that means more jobs," he says.

 


Latest News

SPOTLESS REJECTS DOWNER'S 'HOSTILE' $1.2B BID AS IT PROMISES A STRATEGY RESET

CLEANING and catering services company Spotless has rejected a $1.26 billion takeover bid from mining services firm D...

EXCLUSIVE INTERVIEW: MEGAPORT CEO VINCENT ENGLISH ON GLOBAL EXPANSION AND HOW TO SCALE UP A BUSINESS

THE RAPID expansion of Megaport (ASX: MP1) continues with the Brisbane-based company announcing a major partnership d...

BRISBANE ENTREPRENEUR BREAKS BARRIERS IN ECO-BUSINESS

TRACEY Bailey believes that if every person understood the true social and environmental cost of every product the...

DOMINO'S PIZZA EMPLOYEES OFFERED A SLICE OF THE PIE

DOMINO'S Pizza (ASX: DMP) has launched an employee share acquisition plan which will give its 26,000 staff the...

Related News

FURNITURE DISRUPTOR SET TO SHARE HIS ONE OF A KIND BUSINESS MODEL

IT'S no secret that Australians love homemaking. Their ceaseless quest to create the perfect place to call hom...

WEEDING OUT THE ASX'S BURGEONING CANNABIS TREND: 8 COMPANIES TO WATCH

A NICHE is budding on the ASX in the form of medical cannabis, an industry which has been on the country's rad...

FRESH CLASS ACTION TO REVEAL ANOTHER SIDE OF SLATER AND GORDON DOWNFALL

ACA LAWYERS has issued a formal letter of demand to Andrew Grech (pictured), managing director of Slater and Gordo...

STARSHIPS WERE MEANT TO DELIVER DOMINO'S PIZZA

NICKI Minaj may have been off the mark when she declared 'starships were meant to fly'. However, she m...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter