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The Warsaw Voice » Business » April 26, 2012
Business & Economy
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China’s ICBC Approved to Operate in Poland
April 26, 2012   
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The Industrial and Commercial Bank of China, the world’s biggest bank by market capitalization, has announced that its wholly owned subsidiary, ICBC (Europe), has gained approval from the Polish Financial Supervision authority to open a Warsaw branch and conduct operations in Poland. ICBC is the first Chinese bank licensed to operate in Poland and its presence is expected to have a significant impact on rapidly rising bilateral trade.

The entry of ICBC on the Polish market also improves its global service network in Europe and is expected to enhance its cross-border financial services capability. Poland is one of China’s largest trade partners in Central and Eastern Europe. Warm bilateral relations, which have strengthened in recent years, have helped increase economic and trade activities, expand bilateral investments and broadened areas of mutual cooperation. Bilateral trade increased 16.7 percent to $13 billion in 2011 compared with the previous year, and the value of trade has risen elevenfold over the past decade.

The strengthening economic and investment ties between China and Poland present new requirements for banking services. Officials at ICBC said that as the first Chinese bank licensed to do business in Poland, the bank will provide quality financial services for traders, multinational corporations and financial institutions in both countries, capitalizing on its strong capital base, global network of services and IT strengths. The bank will continue to pursue its business philosophy “Rigorous Standard, Clients Priority” and strictly follow regulatory rules in Poland while emphasizing risk management and internal control. It will also actively support industrial development and economic activities, seek to serve as a new bridge for trade and economic relations, and build a new platform for financial ties and cooperation between the two countries.

ICBC, the largest commercial bank in China, operates from more than 16,000 entities as well as over 1,600 correspondent banks and e-banking channels, providing a full range of financial services and products to 4.11 million corporations and 282 million individuals worldwide. In recent years, ICBC has accelerated its international drive to meet the demand of customers and markets for globalization. ICBC has a global network comprising 244 overseas institutions with complete licenses, efficient operation and good services across 34 countries and regions. It has made a strategic move in the African continent by acquiring a 20 percent stake in the Standard Bank of South Africa Group. The bank now offers a multi-tiered, reasonably positioned, multi-channeled and efficiently functioning global service platform that covers major international financial centers and regions that have economic and trade ties with China. Leveraging on its leading IT strengths, ICBC uses a single platform for business processing, risk management and information sharing among overseas institutions, thereby assuring the quality of services to global customers.

Based on continuing management and technical innovation, the bank also has in place a global product line and an interactive mechanism for domestic and overseas development, connecting all parts of the world in terms of retail banking, bankcards, e-banking, settlement, specialized financing, cash management, investment banking, asset management, trade finance and other major areas of business.
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