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ICBC Gets Approval for Setting up a Subsidiary in Austria

ICBC has obtained approval from the European Central Bank (ECB) for its application to set up ICBC (Austria) Limited (“ICBC (Austria)” for short), which had been approved by the former China Banking Regulatory Commission previously. The establishment of ICBC (Austria) will further improve the presence of ICBC in the European market as well as in the Central and Eastern Europe network, thus enhancing the capabilities in cross-border financial services.

According to introduction, China is Austria’s largest trading partner in Asia and the fifth largest trading partner around the globe. Statistics indicate that the trade volume between the two countries in 2017 amounted to USD8.39 billion, increasing by 15.5% year-on-year. The two countries can also explore extensive cooperation potentials in economy and trade, investment, environmental protection, clean energy and advanced manufacturing industry. The establishment of ICBC (Austria) is the product of the consistently deepening friendly strategic partnership between China and Austria. In the future, ICBC will further strengthen cooperation with the Austria government in infrastructure construction, strive to serve as a bridge in the economic and trade cooperation between the two countries and strengthen economic and trade ties as well as practical cooperation among enterprises, based on the China-CEE Fund and the Belt and Road Inter-bank Regular Cooperation Mechanism.

So far, the Bank has established 421 overseas institutions in 46 countries and regions, and indirectly extended to 20 African countries by holding shares in the Standard Bank Group. ICBC has established correspondent bank relationship with 1,530 overseas banks in 145 countries and regions, with its service network covering six continents and key international financial hubs around the world. In particular, ICBC has 129 branches in 20 countries and regions along the Belt and Road.