CHINESE BANK OPENS TRADE OPPORTUNITIES WITH BRISBANE BRANCH
Written on the 21 September 2016
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.