China's ICBC opens office in Mongolia

ULAN BATOR - Industrial and Commercial Bank of China (ICBC) opened its Mongolia representative office in Ulan Bator on Tuesday.

The opening ceremony was attended by Choijilsuren B, minister of finance of Mongolia, Chinese Ambassador to Mongolia Xing Haiming and President of ICBC Gu Shu.

At the ceremony, Gu said Mongolia is an important country along the Belt and Road Initiative.

He noted that China and Mongolia signed cooperation agreements under the initiative in May, which would bring huge opportunities for the two countries' cooperation in industrial capacity and finance.

Gu also said that ICBC always attaches great importance to the Mongolian market, adding that with ICBC's internationalized service network and diversified business lines, its Mongolia office will proactively devote itself to market research and project organization, and strive to become a bridge for China-Mongolia economic and trade exchange.

In recent years, China and Mongolia have witnessed rapid development in political mutual trust, economic and trade cooperation and people-to-people exchanges. China has remained Mongolia's largest trading partner and a major investor in the country for several years. In 2014, the two established a comprehensive strategic partnership, a more advanced form of bilateral relationship China holds with another country.

Over the past years, ICBC has taken the initiative to adapt to consumer demands for diversified financial services, closely followed China's foreign trade and investment moves to refine its overseas business layout, and has been an obvious enhancement in its capability to provide service globally.

Currently, the bank has established overseas institutions in 44 countries and regions worldwide, and extended its presence in 20 African countries indirectly through holding shares of the Standard Bank of South Africa.