ICBC to expand to the Philippines

The Industrial and Commercial Bank of China (ICBC), the largest of the Big Four banks in the country, is planning to set up operations in the Philippines as part of its global expansion strategy, sources reported.

Officials from the Philippines revealed that ICBC has already contacted the monetary authorities in the Southeast Asia country and enquired about the related laws of setting up business operations there.

ICBC is likely to acquire as much as 60% stake of a local bank to establish its presence in the country as stipulated in the local law, sources said.