The Industrial and Commercial Bank of China (ICBC), with its large branch network within and outside China, provides its 3.6 million corporate customers and 216 million individual customers with access to a wide range of financial products and services.
The bank was established in 1984 and now has more than 386,000 employees operating from over 16,200 banking outlets across China and branches and subsidiaries overseas. ICBC is the largest corporate lender and retail deposit taker in China's domestic market, and plays a crucial role in the Chinese financial system.
In October 2006, ICBC was listed on the Shanghai and Hong Kong stock exchanges as the world's largest ever initial public offering. Since then ICBC has made substantial progress.
In 2008, ICBC opened its Sydney branch as its first Australian presence and as its Australian headquarters. The Sydney branch provides wholesale banking products and services including international settlement, trade financing, project financing, corporate financing and financial market transactions.
The bank chose Sydney as its regional headquarters because Sydney is a leading financial centre in the Asia Pacific − a strong endorsement of Sydney's prominent position in the global financial market.
With the establishment of an operation in Sydney, ICBC group is able to bridge the gap between the Australian financial market and the Chinese market for both its Chinese and Australian customers.
ICBC believes that given the soundness of its Sydney operation, it is now in a position to contribute to the continuing growth of the Sino-Australian economic relationship, build up a service platform in Australia to serve ICBC's local and extensive Chinese client base and to become a more active player in the Australian financial sector.
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