Banking

ICBC's int'l settlements exceed $1t in 2010

(Xinhua)
Updated: 2011-05-03 14:01

BEIJING - The Industrial and Commercial Bank of China (ICBC), the country's largest asset lender, said on Tuesday that its international settlement volume rose 44 percent year on year to reach $1.06 trillion last year.

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The company's first quarter international settlement volume for 2011 climbed almost 40 percent from last year to reach $300 billion, according to the company.

The bank attributed the rapid volume growth to China's strong foreign trade and the company's expansion into other countries, particularly those with emerging economies.

Bilateral trade volume between China and Association of Southeast Asian Nations (ASEAN) countries, for example, increased by 37.5 percent year on year to reach about $292 billion in 2010.

ICBC has established or acquired branches in five ASEAN nations, according to the bank. The aggregate gross domestic products of these nations account for more than 80 percent of the total combined GDP of all ten ASEAN nations.