China’s largest bank opens Hous­ton of­fice

China Daily (USA) - - ACROSS AMERICA - By MAY ZHOU in Hous­ton mayzhou@chi­nadai­

Amid an ice sculp­ture of the com­pany logo and in­door fire­works, the In­dus­trial and Com­mer­cial Bank of China (ICBC), China’s largest bank, opened its first bank in Hous­ton on Tues­day.

ICBC is the first Chi­nese bank in Hous­ton, the US’ fourth largest city, and in the south­ern US.

The Hous­ton of­fice is an­other ad­di­tion for ICBC to the branches and of­fices it has in New York, San Fran­cisco, Los An­ge­les and Seat­tle. Glob­ally, ICBC has es­tab­lished in­sti­tu­tions in 44 coun­tries and re­gions and it in­di­rectly cov­ers 20 African coun­tries as a share­holder of Stan­dard Bank Group.

Texas is home to more than 100 Chi­nese en­ter­prises, and more than $7 bil­lion has been in­vested by Chi­nese com­pa­nies in the state since 2000. The ICBC Hous­ton busi­ness cen­ter will pro­vide cor­po­rate lend­ing, real es­tate lend­ing, cash man­age­ment and cred­it­card fi­nan­cial ser­vices.

“As the first Chi­nese bank in Hous­ton, ICBC will not only fo­cus on Hous­ton, but also serve the Texas mar­ket. ICBC plans to fur­ther lo­cal­ize our ser­vice, and in­crease co­op­er­a­tion with lo­cal fi­nan­cial in­sti­tu­tions. We aim to bring com­pre­hen­sive, high-qual­ity and pro­fes­sional fi­nan­cial ser­vices to cor­po­rate and in­di­vid­ual clients,” said Hu Hao, ICBC se­nior ex­ec­u­tive vice-pres­i­dent.

He said that ICBC al­ways looks at the US as one of the key strate­gic mar­kets for its over­seas de­vel­op­ment and first es­tab­lished ICBC’s New York rep­re­sen­ta­tive of­fice in 1997.

“With to­tal as­sets of $69.3 bil­lion, the in­sti­tu­tions have con­trib­uted to lo­cal com­mu­ni­ties by creat­ing more than 500 jobs and pay­ing a to­tal of $312 mil­lion in taxes in the past decade, in­clud­ing more than $100 mil­lion in 2016 alone,” said Hu.

ICBC’s pres­ence was wel­comed by more than 100 lo­cal busi­ness and po­lit­i­cal lead­ers, in­clud­ing Hous­ton Mayor Sylvester Turner, state Rep­re­sen­ta­tive Gene Wu and Greater Hous­ton Part­ner­ship Pres­i­dent Bob Har­vey.

“As the mayor of the city, I want to thank you for open­ing an of­fice in Hous­ton. Be­ing the largest bank in the world, it’s no ques­tion that ICBC has sig­nif­i­cant im­pact around the globe.

“You have come to a city still rel­a­tively young and de­vel­op­ing. As the largest bank in the world, you have come to Hous­ton, which rep­re­sents the fu­ture of the US,” said Turner, who also pro­claimed Tues­day “ICBC Day” and pre­sented the procla­ma­tion to Hu.

Turner said Hous­ton is work­ing to forge closer re­la­tion­ships with China.


Hous­ton Mayor Sylvester Turner shakes hands with Hu Hao, ICBC se­nior ex­ec­u­tive vice-pres­i­dent, as he wel­comes ICBC’s first of­fice in Hous­ton on Tues­day.

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