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Industrial and Commercial Bank of China (ICBC) Global Service, Interactive Mind Map based on
Chinese bank ICBC asks to open unit in Peru
Jan 28, 2011. Source:
Industrial and Commercial Bank of China (ICBC), one of the world's biggest banks by market value, asked Peru for permission to open a local unit, the Andean country's banking regulator said on Friday.
The application from China's largest lender comes as a number of Chinese mining firms move to start projects in Peru. The two countries also share a free-trade pact.
"The establishment of a subsidiary in Peru is part of the bank's international development strategy," a communique from the regulator said.
In its initial phase, ICBC (601398.SS) (1398.HK) would open one unit and aim to serve Chinese citizens residing in Peru and companies in Peru that do business with the world's second-largest economy.
China has a voracious appetite for Peru's minerals. China is now Peru's biggest trade partner alongside the United States.
Peru ships copper, iron ore and zinc to China, while importing cell phones, machinery and other high-tech items.
Chinese miner Chinalco expects to open its $2.2 billion Peruvian copper mine, Toromocho, in the second-quarter of 2013.
Chinese chemical conglomerate Sinochem's Peruvian affiliate was awarded
rights to explore natural gas and oil blocks in central and northern areas of
the Peruvian Amazon in late 2010.
China's ICBC asks to open bank in Peru
Jan. 29, 2011. Source:
Peru's Superintendent of Banking and Insurance (SBS) said that the Industrial and Commerce Bank of China Limited has asked for permission to open a bank in Peru.
The government agency said that the bank will operate a single office at the start, and will aim at corporate financing for companies that have business ties in China, and at personal banking operations with Chinese citizens.
A number of foreign banks have opened offices in Peru in recent years, drawn in part by rising investments and strong economic growth.
"The establishment of a subsidiary in Peru is part of the bank's international development strategy," SBS said in a communique.
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