Industrial and Commercial Bank of China will begin retail and corporate banking operations under the banner Industrial and Commercial Bank of China (Canada), the bank announced Tuesday.

ICBC Canada will provide a business platform for ICBC to further expand into the Canadian market and, along with the New York branch, further strengthen the ICBC’s North American presence.

In January, ICBC completed the acquisition of 70% of The Bank of East Asia (Canada). With Tuesday’s announcement, all former BEA Canada branches — four in Toronto and two in Vancouver — will be converted to offices of ICBC Canada. The new bank will have a client base of around 10,000 retail and corporate customers.

Jiang Jianqing, chairman of ICBC, noted that Canada was one of the most important markets in the world.

“One of Canada’s strengths is the country’s advanced and prudent financial regulatory system. With such network in place, I am confident in the growth opportunities for our Canadian subsidiary in the years to come,” he said in a release.

The launch of the bank marks the beginning of the expansion of the ICBC’s branch network in Canada. The bank will capitalize on the group’s cutting edge information technology platform to bring its new online banking system to Canadian customers. As well, The bank will work with the ICBC’s networks worldwide, including those in China, to offer a one-stop shop for multinational financial services to clients in both China and Canada.

There are now 1.4 million ethnic Chinese residing in Canada, 60,000 Chinese students receiving education in Canada, and an increasing number of Chinese visitors choosing Canada as their tourism destination. The huge potential demand for China-related financial services presents a great business opportunity to the bank, says ICBC.

China’s largest commercial bank, ICBC offers a diversified range of banking products and occupies a leading position in major business areas in China. It has become the largest commercial bank in terms of market capitalization, profitability, and client deposits.

IE