25|11|2011

ICBC’s assets in Spain reach 295 million euros

The Industrial and Commercial Bank of China (ICBC), which opened its first branch office in Spain in January 2011, has reached the €295 million mark, according to its General Manager in Spain Liu Gang.
Liu Gang assured that, since the beginning of ICBC’s activity in Spain, it has opened credit lines with some Spanish companies in the Industrial, Energy and Manufacturing Sectors, so that “we are beginning to contribute to Spain’s local economy”.

According to the General Manager of ICBC, this first year has allowed the bank to establish first contacts with partners, become familiar with the local environment, and start offering financial services to customers, along with credit products and lines in the infrastructure and manufacturing industries, among others.

Mr. Gang also remarked that the initial workforce has grown up to 20 people, and that he expects the branch’s business to do the same over the coming years, after which he emphasised how the balance of trade between China and Spain “has increased during the year between the two countries”, and that he is expecting it to grow even more, and to be capable of offering more financial services.

Mr. Liu Gang analysed the bilateral economic relationships between China and Spain, and the business operations and advantages, in the context of the 8th Top 30 Lunch organised by the Asociación para el Progreso de la Dirección (APD - Association for the Advancement of Management) and PwC.