ICBC looks abroad
23 March 2006
Industrial and Commercial Bank of China, the country's largest commercial bank, wants to buy an overseas lender and intends to launch a subsidiary in Russia, Reuters reported. Executive Vice President Wang Lili revealed the bank's strategy on the sidelines of a China-Russia economic summit. �We have been talking with a number of potential targets but we have not seen any concrete progress,� she said. �It is a clear trend for the bank to speed up the process of overseas acquisitions.� Acquisition targets could include Hong Kong lenders, she said. The bank, which is preparing for a billion-dollar listing in Hong Kong this year, also plans to open a Russian subsidiary in 2007.
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