China's largest bank ICBC looking for more acquisitions
China's largest bank, ICBC, is on the prowl for acquiring more foreign banks, including the ones in the US currently hit by the sub prime crisis.
By PTI |
BEIJING: China's largest bank, ICBC, is on the prowl for acquiring more foreign banks, including the ones in the US currently hit by the sub prime crisis.
"Its possible that the Industrial and Commercial Bank of China (ICBC) will complete another acquisition in 2008", Pan Gongsheng, secretary of the ICBCs Board of Directors, was quoted as saying by the state-run China Daily today.
Continuing its global hunt, ICBC would look for new acquisitions in the coming years with focus on emerging markets, the newspaper said.
US financial institutions, battered by the sub prime mortage crisis, may also be on the ICBCs shopping list "if such a deal facilitates our strategic development", Pan said.
"ICBCs major strategy will be expanding in Asia, consolidating in Europe and making a breakthrough in America", he said.
In October 2007, ICBC became the biggest shareholder in Africas largest bank, Standard Bank, by acquiring a 20 per cent stake in continent's biggest foreign acquisition deal.
It also acquired a controlling stake in Indonesias Halim Bank in December 2006 and Macaos Seng Heng Bank in August 2007.
ICBC has been scouting for such deals ever since its Shanghai and Hong Kong listing, the newspaper said.
It said ICBC was also reportedly in discussions with Thailands ACL Bank, though a deal was yet to be clinched due to Thailands cap on foreign investment in local banks.
Barring Hong Kong and Macao, its overseas operations would account for six to seven per cent of its total revenues by the end of this year, Pan said.
The number would be the highest among mainland banks, putting ICBC ahead in the race for mergers and acquisitions among lenders trying to globalise, he added.
"Its possible that the Industrial and Commercial Bank of China (ICBC) will complete another acquisition in 2008", Pan Gongsheng, secretary of the ICBCs Board of Directors, was quoted as saying by the state-run China Daily today.
Continuing its global hunt, ICBC would look for new acquisitions in the coming years with focus on emerging markets, the newspaper said.
US financial institutions, battered by the sub prime mortage crisis, may also be on the ICBCs shopping list "if such a deal facilitates our strategic development", Pan said.
"ICBCs major strategy will be expanding in Asia, consolidating in Europe and making a breakthrough in America", he said.
In October 2007, ICBC became the biggest shareholder in Africas largest bank, Standard Bank, by acquiring a 20 per cent stake in continent's biggest foreign acquisition deal.
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It also acquired a controlling stake in Indonesias Halim Bank in December 2006 and Macaos Seng Heng Bank in August 2007.
ICBC has been scouting for such deals ever since its Shanghai and Hong Kong listing, the newspaper said.
It said ICBC was also reportedly in discussions with Thailands ACL Bank, though a deal was yet to be clinched due to Thailands cap on foreign investment in local banks.
Barring Hong Kong and Macao, its overseas operations would account for six to seven per cent of its total revenues by the end of this year, Pan said.
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The number would be the highest among mainland banks, putting ICBC ahead in the race for mergers and acquisitions among lenders trying to globalise, he added.
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