ICBC, world’s biggest bank, opens branch in Cambodia.
ICBC Bank
Industrial and Commercial Bank of China (ICBC), the world’s largest bank in terms of market value, has opened a branch in Phnom Penh, becoming the Chinese second bank with a presence in Cambodia.
The reports in Cambodia Sin Chew Daily said the new branch, which is located on Norodom Boulevard near the National Bank of Cambodia headquarters, was opened by ICBC chairman Jiang Jianqing.
“China and Cambodia have long benefited from a friendly, sincere, trustworthy and win-win partnership,” Jiang was quoted as saying by Xinhua news agency. “The closer economic and trade cooperation between the two countries has provided wide space for ICBC’s development in Cambodia.”
ICBC announced to the Stock Exchange of Hong Kong on November 11 that it had recently received a financial business license from the National Bank of Cambodia. On November 22, it announced that it had also received an official banking business license from the Bank of Lao PDR.
With market capitalization of $234 billion at the end of last year, ICBC was the world’s biggest bank in terms of value.
The opening of the Phnom Penh branch follows Bank of China’s establishment of a branch earlier this year.
Source:
- Khmerization (Asia News Network, The Business Desk in Phnom Penh / Rasmei Kampuchea | ANN)
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