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ICBC boosts overseas corrpespondent bank ties

(Xinhua)
Updated: 2006-04-24 09:56

China's biggest state lender ICBC has established correspondent bank ties with 1,205 banks in 116 countries and regions, the bank said in a report Sunday.

Such relationships enable the involved banks to provide a wide range of financial services for each other, such as e-banking, bills business and fund and cash management.

The Industrial and Commercial Bank of China Ltd. said it added 187 overseas correspondent banks in 2005 alone, and has kept close business ties with the majority of the 1,000 leading banks globally.

The lender said it is focusing on a transfer from a local bellwether to a leading international bank. Assets-wise, the ICBC is China's largest bank, boasting the most extensive service outlets.

Through expanding overseas ties, the ICBC also seeks to cater to the demand of China's soaring foreign trade and facilitate domestic businesses strengthening their position in the global stage, it said.