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ICBC gets regulatory approval to set up Austria unit

Industrial & Commercial Bank of China Ltd. has obtained approval from the European Central Bank to set up a subsidiary in Austria.

ICBC, China's largest bank by assets, said it has already received approval from China's banking regulators to establish ICBC Austria Bank GmbH.

The bank said the move will improve its ability to provide cross-border financial services in Europe and expand its network layout in the countries along the Belt and Road trade routes.