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Chinese banking giant ICBC to open branch in Belgium

Chinese banking giant ICBC (Industrial and Commercial Bank of China) is soon to open a branch in Belgium, the Belgian prime minister’s office announced Friday.

“ICBC will open a branch in Brussels within weeks” as long as it gets the green light from Belgium’s Finance and Insurance Commission, the CBFA, according to a joint statement issued after a meeting between Leterme and Jiang Jianqing, the Chinese bank’s chairman.

The presence of a satellite of China’s biggest bank could encourage more overseas investors, Leterme’s office said, adding that another major Chinese bank, the Bank of China, is also expected to arrive in Belgium in the near future.

ICBC already has three affiliates within the EU, in London, Frankfurt and Luxembourg.