BANGKOK - Industrial and Commercial Bank of China (ICBC) was looking for acquisitions in countries in Southeast Asia where now it has no presence, Reuters quoted company chairman on Wednesday.
Cautious monetary policy urgedICBC, which has 194 overseas branches and subsidiaries in 22 countries, now operates in five countries in Southeast Asia: Indonesia, Thailand, Malaysia, Singapore and Vietnam.
In April, it completed the acquisition of a 97.24 percent stake of Thailand's smallest lender, ACL Bank, for about $550 million.
The acquisition would be a platform for entering Thailand, Vietnam and Cambodia, as ICBC expands its network in Southeast Asia's fast-growing banking market, the bank said.
