China's ICBC Bank Plans Expansion in Toronto and Vancouver, Globe Reports

Industrial and Commercial Bank of China, the world’s biggest lender by market value, will announce today an expansion in Canada, the Globe and Mail reported, citing Mingqiang Bi, chief executive officer of its Canadian business.

ICBC, which completed its purchase of six Canadian branches from Bank of East Asia in January, will target newcomers from China and businesses that operate in both Canada and China, the newspaper said.

The bank will begin with clients in Toronto and Vancouver, and hopes to move into cities including Calgary over the next three years to five years, the Globe reported.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net.

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