Economy

China's ICBC opens branch in Madrid

(Xinhua)
Updated: 2011-01-25 07:19

Spain's Economy Minister Elena Salgado (L) and Industrial & Commercial Bank of China (ICBC) Chairman Jiang Jianqing shake hands before their meeting at Madrid's economy ministry Jan 24, 2011. [Photo/Agencies]

MADRID - The Spanish branch of Industrial and Commerce Bank of China (ICBC) was officially inaugurated in Madrid Monday.

ICBC President Jiang Jianqing, Spanish Minister of Industry, Tourism and Commerce Miguel Sebastian and Chinese Ambassador to Spain Zhu Bangzao attended an inaugural gala dinner here.

Related readings:  ICBC opens branch in Milan  China bank ICBC opens office in Amsterdam  Chinese lenders chart plans to expand European footprint  ICBC opens first France branch

In a speech, Jiang thanked the Spanish government and authorities for allowing the ICBC to open in Spain and highlighted the importance of the Spanish economy and the close relations between the two countries.

Sebastian said Spain welcomes the arrival of the biggest Chinese bank, which would further improve the already good relationship between the two counties.

The Madrid branch is to provide a wide range of financial services to 166,000 Chinese nationals living in Spain.

ICBC has a total of 386,723 employees and 162 foreign branches throughout the World.

A man carries a case as he walks past the new branch of China's Industrial and Commercial Bank of China (ICBC) in central Madrid Jan 24, 2011. [Photo/Agencies]