Industrial and Commercial Bank of China, the world's largest bank by market value, says it's launching operations in Canada.
ICBC plans to capitalize on growing trade between the two countries. The bank will start retail and corporate banking operations at six branches acquired in January, when it bought 70 percent of the Canadian operations of Bank of East Asia.
ICBC announced on Tuesday that it's changed BEA into ICBC's subsidiary in Canada. The lenders says this will help Chinese companies to promote operations in Canada, and local businesses to enter the Chinese market. From there, the bank plans to expand its North American footprint.