ICBC, World’s Largest Bank, Granted Operating License in Mexico

Industrial and Commercial Bank of China Ltd., the world’s largest financial institution by total assets, said Saturday that Mexican authorities have approved its bank license application, official news agency Xinhua reported.
It marks the first time a Chinese bank has been granted authorization to operate in Mexico, Xinhua said, adding that ICBC did not indicate when it will open a branch in that Latin American country.
The announcement comes on the eve of a visit to China by Mexican President Enrique Peña Nieto, who will attend an Asia-Pacific Economic Cooperation, or APEC, economic leaders’ meeting in Beijing next week.
“The establishment of the Mexican branch is expected to boost economic exchanges and trade between China and Mexico, and contribute to bilateral cooperation in sectors such as energy, trade, projects contracting, and equipment supplies,” Xinhua reported, citing an ICBC spokesman.
ICBC has expanded its foreign presence over the past two years by opening branches in Spain, France, Italy, Belgium, the Netherlands, Peru, Brazil and other markets.

One comment

  1. Watch out as China’s dragon reaches out with its claws into the banking system in Mexico. The claws will eventually sink into every area in Mexico and begin to pull the resources back to the China mainland.

    I thought it good news when the Mexican government cancelled the contract with China for the high speed rail train out of Mexico City. The Chinese won the contract for building the new section of the San Francisco Oakland Bay bridge in California, which took over 20 years to design, build and open at a way over budget cost of some $6.1 billion.

    Open only one year, there is a repair bill of over $100 million to replace rusting bolts and cracking welds. There is also a concern that the design will not withstand the next major earthquake … that destroyed the one that was replaced.

Comments are closed.