On October 15th, 2008, Industrial and Commercial Bank of China (ICBC) held a grand opening ceremony in New York, and presented its New York branch to US business community. As the first branch set up by ICBC in the United States, its successful debut in, and recognition by, U.S. business community not only further improves ICBC's global financial services network, but also marks a major breakthrough in the implementation of its international business strategy.

According to ICBC, the branch is located in Trump Tower, Fifth Avenue. It will engage in wholesale deposits, loans, trade financing, U.S. dollar clearing, treasury and other banking businesses. As a platform for ICBC's businesses in the U.S., the branch will take advantage of the funds, network, and technology provided by ICBC Head Office, and provide comprehensive banking services for clients, multinational corporations and financial institutions in both countries.

The U.S. is one of China's most important trading partners. Thirty years after establishing diplomatic relations, bilateral economic and trade relations developed rapidly. Up till 2007, the total amount of bilateral trade increased by 125 times over that of 1979, reaching 302.08 U.S. dollars. As of the end of 2007, U.S. investment in China has topped 56 billion U.S. dollars, making it a major source of China's foreign direct investment. Meanwhile, in recent years, the number of various types of companies set up by Chinese enterprises in the U.S. is also on the rise. As of the end of 2007, total amount of turnover for contracted projects completed by Chinese enterprises amounted to 4.42 billion U.S. dollars; and the amount of labor service cooperation contracts amounted to 2.04 billion U.S. dollars. In 2007, according to approvals and records from China's Ministry of Commerce, China's non-financial direct investment in the U.S. amounted to 290 million U.S. dollars, with an accumulated investment of about 1.25 billion U.S. dollars. In 2007, ICBC's international settlement volume has amout to USD 422.27 billion, of which a major part comes from Sino-US trade. The growing economic, trade and investment relations between China and the U.S. have laid a foundation for the development of the financial sector, and generated new demands for banking services.

Jiang Jianqing, chairman of Industrial and Commercial Bank of China, said at the opening ceremony that although the current financial crisis is still spreading, he believes that under the concerted efforts of the governments around the world, U.S. economy will be able to ride out the storm, restore prosperity, and that world financial industries will definitely move out of turmoil and depression, and embrace recovery and prosperity. The launch of ICBC New York branch at such a special moment was an expression of the confidence in the long-term prospects for U.S. economy. After the debut, it will operate with integrity and discipline, focus on clients, strictly abide by U.S. regulatory rules, strengthen risk management and internal control, actively cooperate with local financial institutions, and support bilateral trade, economic and investment activities. It will strive to become a new bridge for bilateral trade and economic exchanges, and a new platform for bilateral financial exchanges and cooperation.

As China's largest commercial bank, ICBC has a strong customer base, advanced information technology, and the advantages of a wide range of products, and maintains a leading position in all the major business areas. Since its simultaneous listings in Shanghai and Hong Kong in 2006, ICBC has experienced rapid and sustained increase in management capacity and profitability. In the first half of 2008, ICBC realized after-tax profits of about 9.5 billion U.S. dollars, becoming the world's most profitable bank. In recent years, under the backdrop of economic integration and financial globalization, taking notice of the huge demands for cross-border financial services from Chinese enterprises which adopted the "Going-out" strategy, ICBC has been actively promoting the strategy of internationalization and comprehensive development, speeding up overseas development, broadening business areas, and endeavoring to enhance cross-border financial service capacity. As of the end of June, 2008, ICBC has extended business institutions to 15 foreign countries and regions, with a total of 126 branches and subsidiary banks, and established bank agency relations with 1349 banks in 122 countries and regions. ICBC has initially formulated a multi-level-structured, reasonably positioned, and efficiently operated global financial service network platform with diverse , which covers major international financial centers, and China's major economic and trade cooperation regions.