OREANDA-NEWS. May 12, 2012. ICBC Europe, a wholly-owned subsidiary of ICBC, has recently received approval from Polish Financial Supervision Authority (PFSA) to open a Branch in Poland. ICBC is the first Chinese bank to set up a branch in Poland, which signifies the Bank's part of a planned business expansion in the European banking territory and delivery of financial services across the borders.

Poland is one of the China's largest trading partners in central and east Europe. China and Poland have strengthened their economic and trade ties in recent years. Investments by the Chinese and Polish companies grow at a respectable clip in tandem with the increasing cooperation in different areas. In 2010, China-Poland bilateral trades jumped 11-fold in a decade to over USD 11 billion. Trades between the 2 nations continued to gather momentum, rising 16.7% year-on-year to hit USD 13 billion in 2011, reported the press-centre of ICBC.

The rapid growth of trades and investments between China and Poland paves the way for financial sector to move forward, also poses new requirements for banking services. ICBC, being the first Chinese bank to set up a branch in Poland, would make available its solid financial position, international network and technology strength to provide a full spectrum of financial services to the Chinese and Polish customers encompassing deposit, loan, settlement, trade finance and investment banking, said an executive with the Bank. ICBC is committed to act as a bridge for the trades and investments by the companies from the two countries. Meanwhile, ICBC will act consistently towards its claim of "Prudent Operation, Customer First" to enforce rigid risk management and internal control in line with Polish regulatory criteria. By lending full support to the development of Polish industries and economy, the Banks aims to build a new platform to encourage exchange and cooperation between the financial sectors of China and Poland, and facilitates the trades between the two countries.

ICBC is the largest commercial bank in China, also currently the world's largest listed bank by market value. ICBC provides a wide range of financial products and services to 4.11 million corporate clients and 282 million individual customers worldwide through 16,000+ outlets in and outside China and a global network of more than 1,600 correspondent banks as well as its electronic banking. Over the past few years ICBC has escalated its global footprint to cope with the globalization of customers and markets. As of today, ICBC has set up a global network of 244 overseas branches spreading 34 countries/regions.

This global service platform, together with a presence in Africa through holding a 20% stake in the Standard Bank of South Africa, covers all the major international finance centers and China's trading regions with well-defined hierarchy, reasonable positioning, diversified channels and efficient operation. Leveraging its technological strength, all ICBC subsidiaries use one unified platform to handle business transactions, manage risks and share information in a bid to ensure the quality of services to the worldwide customers. Through continual management and technological reform, ICBC has also established a global product line and mechanism across the globe for domestic and overseas branches growing together, encompassing all major businesses such as retail banking, bank card, electronic banking, fund clearing, special finance, cash management, investment banking, asset management and trade finance.