Chinese banking giant ICBC expands in Europe

Luxembourg, Jan 17 (DPA) China’s banking giant, the Industrial & Commercial Bank of China (ICBC), launched Monday an expansion of its operations across Europe.

ICBC opened five new branches Monday in major European capitals – in Amsterdam, Brussels, Paris, Madrid and Milan.

The banking giant already has branches in Moscow, London, Frankfurt and Luxembourg.

Speaking at a press conference, ICBC chief Jiang Jianqing said his bank’s move was in recognition of the long-term growth potential of the European market.

ICBC has about 3.6 million business customers and 216 million private customers in China. It operates about 160 branches around the world.