ICBC to double European banks

INDUSTRIAL & Commercial Bank of China (ICBC) will more than double its European presence this month when it opens five new branches.

The move is part of a global expansion by China’s biggest lender. The new branches will be located in Milan, Madrid, Brussels, Paris and Amsterdam, adding to its compliment of banks in London, Frankfurt, Moscow and Luxembourg.

Meanwhile, the lender said last week it will not conduct fundraising from the capital markets in the next three years, despite intense market speculation.