BEIJING – Industrial and Commercial Bank of China Ltd., the world’s largest financial institution by total assets, said Saturday that Mexican authorities have approved its bank license application, official news agency Xinhua reported.It marks the first time a Chinese bank has been granted authorization to operate in Mexico, Xinhua said, adding that ICBC did not indicate when it will open a branch in that Latin American country.
The announcement comes on the eve of a visit to China by Mexican President Enrique Peña Nieto, who will attend an Asia-Pacific Economic Cooperation, or APEC, economic leaders’ meeting in Beijing next week.
“The establishment of the Mexican branch is expected to boost economic exchanges and trade between China and Mexico, and contribute to bilateral cooperation in sectors such as energy, trade, projects contracting, and equipment supplies,” Xinhua reported, citing an ICBC spokesman.
ICBC has expanded its foreign presence over the past two years by opening branches in Spain, France, Italy, Belgium, the Netherlands, Peru, Brazil and other markets.
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