Industrial and Commercial Bank of China, the world’s most valuable and profitable bank, is accelerating its expansion abroad with plans to open more branches in the Middle East and in major cities across Europe.
The bank is also looking at possible acquisition targets in both Europe and the Middle East and has plans to expand rapidly in Canada after buying a small network of six branches from Hong Kong-based Bank of East Asia earlier this year.
The European expansion is expected to be high-profile as the group strives to become more global and follow the growing number of Chinese companies doing business overseas.
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