ICBC seeks more assets outside China

Industrial & Commercial Bank of China (ICBC) plans to double its assets outside China within three years, Reuters reported. ICBC Vice President Wang Lili said the bank wants to increase its business abroad, which is currently 5% of total asset volume, to 10%. She said: "We have to be more international … and the opportunities are there." Wang said the bank, which opened a branch in New York last week, did not have plans to acquire US financial assets "in the very near future." This week ICBC opened a branch in Doha, Qatar, and last month it opened one in Sydney, Australia. Wang said ICBC was not planning to expand in the Middle East by way of mergers and acquisitions.