Industrial and Commercial Bank of China enters Canada

The acquisition of six Bank of East Asia branches is part of ICBC's global expansion plan.

Industrial and Commercial Bank of China (ICBC), the world’s largest bank by market value, is moving into Canada with plans to compete directly with domestic financial institutions in some of their key markets.

After purchasing a small network of six branches in Canada formerly owned by Bank of East Asia, ICBC plans to use those assets as a beachhead for its Canadian expansion.
The strategy, which has been in the works for some time, will be unveiled in Toronto Tuesday.

ICBC intends to target newcomers from China and businesses with interests in both China and Canada, two areas in which Canada’s major banks have been eager to grow.

The move underscores the increasing international ambitions of China’s major banks, several of which now rank among the world’s largest financial institutions after enjoying a long period of rapid growth.

View the full story in The Globe and Mail.

Follow the link for more news on

Also Read

Krungthai Bank temporarily closes 4 branches due to floods

Bank Negara Malaysia releases policy document on claims settlement practices

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit