ICBC opens 4th korea branch

HONG KONG - One of China’s big four state-owned commercial banks has opened its fourth branch in Seoul in a bid to cater to the growing needs of business transactions between Korea and China, officials said yesterday.

The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by profit and market capitalization, opened the new branch in the northeastern district of Gwangjin, where more than 12,000 Chinese people are estimated to reside.

“Gwangjin District is one of the main neighborhoods for Chinese residents in Seoul,” said Chui Jiqia, head of the bank’s Korean operations.

“The newly set-up branch will further improve the service network of ICBC in Korea.”

ICBC entered the Korean market by setting up a representative office in 1993, which was upgraded to a branch in 1997. The bank’s branches in Busan and southwestern Seoul opened in 2002 and in 2010, respectively. Yonhap