Industrial and Commercial Bank of China (ICBC), the world's largest bank by market capitalization, is expanding into Canada with offices initially in Vancouver, Richmond and Toronto.
ICBC said in a release Tuesday that it plans to use a network of six branches – one in Vancouver, one in Richmond and four in Toronto – that it acquired from Bank of East Asia last January as a foundation for further expansion in Canada.
ICBC noted in a release that there are now 1.4 million ethnic Chinese living in Canada and 60,000 Chinese students receiving education here.
“The huge potential demand for China-related financial services presents a great business opportunity to the bank,” it said. “To this end, the bank will capitalize on its parent’s vast service network and advanced information technology platform, both in China and globally, to offer innovative financial products and provides comprehensive financial services in Canada to ethnic Chinese, Chinese students and visitors.”
ICBC will reportedly branch out from Vancouver and Toronto into other cities in Canada in the next three to five years. It will offer retail and corporate banking products and compete directly with domestic banks.