November 21, 2009

On November 20, 2009, Malaysian local time, Industrial and Commercial Bank of China was granted the banking license from BANK NEGARA MALAYSIA, the central bank to open a subsidiary bank in Malaysia.The local bank to be established will be the first banking institution ICBC sets up in Malaysia, marking a significant breakthrough in ICBC's implementation of its globalization strategy.

ICBC's application had been approved by China Banking Regulatory Commission previously."Malaysia is one of China's most important trade partners in ASEAN. In 2008, bilateral trade volume was USD 53.469 billion, representing about one quarter of total trade volume between China and ASEAN. In August 2009, bilateral import and export reached MYR11.56 billion, making China the biggest market of Malaysia's export.

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