Beijing bank expands with Labuan branch

Kuala Lumpur: Industrial and Commercial Bank of China (Malaysia) Bhd (ICBC Malaysia) has expanded its operations with the opening of its Labuan branch, which is the fifth in the country.It said the Labuan international branch would enable the bank to offer financial services not only to Labuan customers but to Asean countries as well as Islamic financial and global offshore financing businesses.

"ICBC Malaysia believes the Labuan international branch will enable it to play a pivotal role to promote and facilitate in the bilateral trade between China and Malaysia," it added.

To recap, ICBC Malaysia was incorporated on Jan 28, 2010 and officially started operations on April 28, 2010.

As a full-fledged commercial bank, ICBC Malaysia leverages on the group's synergy to serve China and Malaysia and also act as a financial, economy and cultural gateway between both the countries.

SPONSORED CONTENT

Sabah revenue hits RM6.97 billion: Hajiji says GRS State Government may see full term

Kota Kinabalu: The Sabah Government continued its momentum in managing the economy in line with the commitment and spirit of the Sabah Maju Jaya (SMJ) when it posted record high state revenue of RM6.973 billion last year.

ICBC Malaysia has a branch in Kuala Lumpur, Kuching, Puchong and Johor Bahru.

"Following the establishment of Labuan international branch, ICBC Malaysia not only extended its coverage from Peninsular Malaysia to east Malaysia geographically but has also expanded its banking services from onshore to offshore, from traditional banking to emerging banking services," it said.

Industrial and Commercial Bank of China Ltd has set up more than 40 institutions in 42 countries.

Stay up-to-date by following Daily Express’s Telegram channel.

Daily Express Malaysia

Through its stake in Standard Bank Group Limited, ICBC Limited has indirectly extended its footprint to 20 African countries and established correspondent bank status with 1,604 banks in 147 countries and regions spanning across 6 continents. Except Philippines and Brunei, ICBC Limited has established 61 institutions in ASEAN countries.

Early this year, the China government announced the vision to jointly build the Silk Road economic belt and 21st century maritime Silk Road as well as One Belt One Road policy, with emphasis on developing cooperation between the countries along the silk road.

Try 1 month for RM 18.00

Try 1 month for RM 18.00

Try 1 month for RM 18.00