China's ICBC bank opens branch in Barcelona

The Industrial and Commercial Bank of China (ICBC) on Tuesday opened a branch in Barcelona, a year after establishing its first Spanish office in Madrid. It makes ICBC the first Chinese bank with an office in Spain's second largest city, which allows it to extend its business to Catalonia, the most economically advanced region in the country. ICBC has always attached great importance to the Spanish market, said ICBC Vice-President Wang Xiquan at the opening ceremony of the Barcelona branch. The Chinese bank decided to increase its business in Spain, offering its financial services not just to Chinese individuals and companies, but also to local and international firms and financial institutions, said Wang. By the end of September this year, the ICBC, the world's biggest lender by market value, has opened 270 overseas branches in 35 countries and regions, and its overseas assets stood at 154.5 billion U.S. dollars, up 21.5 percent from the beginning of this year.