The Industrial and Commercial Bank of China (ICBC), China’s largest bank and in terms of market capitalisation also the world’s n° 1 bank, has decided to open an office in Brussels, Belgium.

"ICBC will open a branch in Brussels soon" 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 Belgium’s prime minister Mr Yves 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 and the Bank of China are China’s first two banks to make an entry into Belgium. In Europe, ICBC already has offices in Frankfurt, London and Luxemburg. According to Mr Leterme already 230 Chinese companies are active in the Belgian market.

It is ICBC’s intention to make its Brussels branch an advice and assistance centre for Chinese companies willing to invest in Belgium.