ICBC plans to buy Indonesia bank

Tue, 18 Feb 2003 | Source: DJ

SINGAPORE : Industrial & Commercial Bank of China, China's biggest lender, plans to acquire a bank in Indonesia as part of its regional expansion strategy, the Business Times reports.

However, Shi Qilu, general manager of ICBC's Singapore branch, declined to reveal details about the possible takeover target other than describing it as one with a "clean balance sheet", according to the report.

The Chinese bank also plans to establish a full-license branch in Thailand, the report adds. --Dow Jones.

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