ICBC to acquire 15.7 billion dollars in assets of Korea's Gwang-Ju Bank

NetEase Finance November 18 According to South Korea East Asia Daily News, ICBC (01398) intends to acquire the South Hanguang State Bank (Kwangju Banks) to expand overseas markets.　　The report said ICBC will make a final decision before 26th this month.　　The report quotes people familiar with the story as saying ICBC has expressed a willingness to bid. A spokesman for the Public Fund Oversight Committee, which oversees the sale of the stake in the company, said that the group had indeed issued a letter to several Chinese banks, including ICBC, on the sale of shares, but said it was not clear if it was issued at the request of ICBC,　　And added that the current ICBC did not issue formal bids.　　The bank is a subsidiary of the South Korea's largest financial company, the company's financial partner, with assets worth about $15.7 billion trillion.　　Up to now, ICBC has set up 29 overseas one-level business organizations in 27 countries and regions, the total number of overseas branches has reached 194, and in addition, it has indirectly entered 29 countries and regions by participating in the South African Standard Bank, forming a global service platform. Three quarterly reports show that at the end of September, ICBC foreign institutions to achieve net profit of 459 million U.S. dollars, an increase of 43.9%. Most of these offshore institutions have higher profitability than the local average.