ICBC to gain access to Greece’s banking market
(1 February 2018 – Greece) The world’s largest lender, the Industrial and Commercial Bank of China (ICBC), is set to receive a license to Greek banking license, with reports suggesting negotiations are “advanced”.
ICBC representatives have already held talks with officials at the Economy and Development Ministry, as well as taking the necessary steps with the Bank of Greece so that the bank can apply for a license as soon as possible, the sources said.
The focus of ICBC’s interest will be investments in banking, industry and infrastructure, which are its areas of expertise, while it is also said to be interested in funding large investment projects and not necessarily those of Chinese companies and groups that already have a presence in Greece.
ICBC is already active in the Netherlands, Luxembourg, Poland, Belgium, Italy, Spain and Great Britain, and while it could use its European passport to enter Greece, it intends to make its foray into this market via a branch or a subsidiary, which points to plans for a network of stores.
ICBC has assets totally of US$3.5 trillion and sales of US$151.4 billion. It has a presence in 42 countries and employs a total of 462,000 people, and is listed on the Hong Kong and Shanghai exchanges.
Its presence in Greece is expected to act as an important lever for growth, not just by boosting Chinese investments, but also for the economy as a whole. It is noted that China has invested more than €7 billion in Greece already in infrastructure, shipping, energy and real estate.
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