CHINA / Companies |
ICBC to invest $1.2 billion in 2007(Reuters)Updated: 2007-05-28 14:03 China's top lender, Industrial and Commercial Bank of China Ltd. , said on Monday it expects to budget an additional 9 billion yuan ($1.2 billion) for fixed-asset investment this year to boost growth. ICBC planned to invest 3.8 billion yuan in technology systems and another 3.7 billion yuan to develop its network of 17,000 branches, it said in a statement. The bank, which recently reported a 52 percent surge in first-quarter net profit, aims to keep up the strong pace in China and sees potential for growth overseas, Chairman Jiang Jianqing said earlier this month. To boost market share at home, ICBC would pour 1 billion yuan a year into setting up new wealth management centres across China over the coming three years, Jiang said. The investment plan of ICBC, which raised $21.9 billion in the world's biggest share issue in October, would also cover spending for security systems and transport equipment. ($1=7.6527 Yuan) |
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