Industrial and Commercial Bank of China (ICBC), China's largest lender, is the first PRC bank to set foot in India. ICBC has announced an initial $100 million plan to finance companies in sectors of major interest to China, such as energy, telecoms and infrastructure.
After an initial phase completely dedicated to wholesale banking, ICBC will also enter private banking. Yang Kaisheng, president of the Chinese group, said that trade between the two countries amounts to about 60 billion dollars with a year-on-year growth of 40 percent. The entry into India follows the authorization obtained last year by the State Bank of India, India's largest lender, to operate in yuan through a branch in Beijing.
The entry into India also represents a step forward for the group, the world's largest bank in terms of deposits and customers, whose international business today represents only 4% of total assets. The goal of reaching 10% in the next few years.
