OREANDA-NEWS.  February 25, 2014. Industrial Bank (IB) received the banking license issued by Hong Kong Monetary Authority, becoming a licensed bank in Hong Kong. IB Hong Kong Branch will become the first overseas branch of the Bank after its official opening.

As learnt by the reporter, currently IB is accelerating all preparations for the opening of IB Hong Kong Branch. After the opening of the branch, its main service targets will be the players in the economic and trade exchanges between the Mainland China and Hong Kong, Chinese enterprises in Hong Kong, and medium- and high-end retail customers from the Mainland China to Hong Kong. Focusing on its principal commercial banking businesses including deposit and loan, trade finance, and international settlement, the branch will actively develop businesses including financial market, capital business, and investment banking, and provide integrated financial solutions in an all-sided and diversified manner to customers through business linking with domestic institutions.

IB indicates that the establishment of IB Hong Kong signifies a substantial step of the Bank toward globalization. It will be helpful for the Bank to improve its cross-border financial service capacity and provide better services for the economic cooperation between the Mainland China and Hong Kong, and also be beneficial for it to learn from the advanced management experience and market operation experience of Hong Kong finance community and take part in and push the exchange and cooperation between the two sides in finance. It sets a foundation for the Bank to go toward the broader international stage.

As one of the top 10 Chinese banks, IB has kept improving its service network and extending its market coverage in recent years. By the end of 2013, the Bank has set up 98 branches (including 39 Class I branches and 59 Class II branches) and 826 sub-branches in the major economic centers around China, basically accomplishing a structural layout in provincial capitals and sub-provincial cities. Now, IB Haikou Branch and Xining Branch are also in busy preparation.