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ICBC launches Asia-Pacific biz

Industrial& Commercial Bank of China Ltd. said April 1 that it launchedits Asia-Pacific business to focus on developing its operations in the region,including Australia and New Zealand.

The bank aims to seize opportunities offered by the Chinesegovernment's policies, which include the "Belt and Road" initiative,the internationalization of the yuan and the global expansion of Chineseenterprises.

In addition, ICBC's overseas banking business unitIndustrial & Commercial Bankof China (Asia) Ltd. signed strategic cooperative agreements withthe State Development and Investment Corp., China XD Group Corp., China ReformHoldings Corp. Ltd. and PowerChina International Group Ltd., to boostcollaboration.

With the collaborative deals, ICBC (Asia) will focus on theasset development business and take part in large-scale financing projectsacross the region.