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Chinese government owned bank opens in NYC |
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Written by Stumo
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Tuesday, 21 October 2008 |
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The Industrial and Commercial Bank of China (ICBC) is a special bank. It is the world's largest bank by market capitalization. It is also wholly owned by the Chinese government.
It recently opened offices in New York City, Dubai and Sydney. I'm sure the WSJ editorial board is supportive because they only decry socialism in America, but elsewhere it is fine because we don't want regulations to intrude on foreign government strategic motives.
As China's largest commercial bank, the ICBC has been expediting the extension of overseas network and widening the field of business, in a bid to promote the strategy of internationalization. ...
By the end of June 2008, the ICBC has set up a total of 126 branches and subsidiary banks in 15 countries and regions, with another 1,360 correspondent banks in 122 countries and regions.
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