From a record-breaking initial public offering 10 year ago to a clutch of industry accolades today,the past decade witnessed the greatest and fastest development of the highest quality forIndustrial and Commercial Bank of China, according to the bank, the country's largest lender.
With a solid domestic focus, the bank has expanded its global outlook to more than 60 countriesand territories. The assets of ICBC overseas institutions amounted to $279.83 billion in 2015.
Since it established its first overseas institution in Singapore in 1992, the bank's foreign agentsnow cover 95 percent of countries and regions that have business ties with China.
Last month, a new branch of ICBC opened in Queensland, Australia.
"The new ICBC branch will be able to fully support businesses engaged intrade between China and our state," said Curtis Pitt, Queensland's actingpremier and treasurer. Along with its expansion of overseas operations,ICBC also provides impetus for renminbi internationalization.
In 2015, the group's crossborder renminbi business totaled 4.41 trillion yuan($652 billion), up by 20.6 percent year-on-year, hitting a new record high.
The People's Bank of China announced last month that it has authorized ICBC's Moscow officeas a renminbi clearing bank in Russia.
The bank's Moscow branch has become the biggest Chinese bank in Russia, according toXinhua News Agency.
In addition, it was also designated the overseas renminbi clearing bank in Singapore,Luxembourg, Canada, Qatar, Thailand and Argentina.
The two-way renminbi crossborder fund pool has attracted more than 200 contracted customersand its cross-border renminbi settlement total approached 300 billion yuan in 2015.
In the past decade, the compound growth rate of ICBC overseas institutions' assets reached29.82 percent.
It is also the world's first commercial bank to provide 24-hour, uninterrupted renminbi clearingservices.
Besides its international business, ICBC also launched a number of new products for exportersof large integrated equipment and engineering services.
In March 2015, during the Indonesian president's visit to China, ICBC reached multipleagreements, including a 5-billion-yuan agreement, with Indonesia Eximbank.
ICBC has also signed a $5.5 billion financing strategic cooperation agreement with ChinaRailway Corp, with the funds used to build a special railway line for coal in Indonesia.
A $20 billion strategic cooperation agreement with Indonesia's Ministry of State-OwnedEnterprises was also reached during that time.
ICBC's Warsaw branch worked closely with Chinese enterprises to participate in projects with atotal investment of 10 billion euros ($10.88 billion) in Central and Eastern Europe.
Those projects led to the signing of nine strategic cooperation agreements or financingagreements with the European Bank for Reconstruction and Development, as well as countriessuch as Poland, the Czech Republic, Bulgaria, Slovakia and Bosnia and Herzegovina.
"There are many demands and growth potentials available in Belt and Road Initiative regions,especially in terms of connectivity and infrastructure," said Yi Huiman, chairman of the board ofdirectors of ICBC.
"ICBC will leverage its strength in internationalized operation to facilitate infrastructureconstruction, international production capacity cooperation and development in other keysectors," said Yi. "We will also implement initiatives to meet the demands of enterprises forglobalized and diversified financial services."
In addition, ICBC's German institutions have been supporting Chinese enterprises to invest inGermany, acting as a mergers and acquisitions financing consultant and loan arranger.
The branches assisted Wuhan Iron and Steel Corp to acquire ThyssenKrupp AG's laser weldingbusiness. They also provided euro financing and letters of guarantee for Weichai Holding GroupCo Ltd, a major Chinese automobile and equipment-manufacturing group, to acquire andincrease its shareholding in Kion Group AG.
"ICBC is at a critical phase in transforming its business model to fit into China's overall economictransition," said Zeng Gang, a senior researcher at the Chinese Academy of Social Sciences'Institute of Finance and Banking.
A mobile phone app called ICBC Direct has recently been released in the Netherlands,becoming a new element to ICBC (Europe) SA Amsterdam Branch.
For overseas Chinese banks with limited outlets, the service model of "direct account openingand online customer service" available through direct banking may not only extend their servicecoverage but also enhance market penetration and customer stickiness.
Moreover, the bank is also making efforts to localize its business and optimize its assetsstructure.
By leveraging Hong Kong's market opportunities as an offshore renminbi center, ICBC (Asia)has expanded and innovated its renminbi business and cross-border banking services amongAsia-Pacific institutions.
With its solid growth, ICBC (Europe) has won the Best Bank of Luxembourg award, the firstamong overseas institutions of Chinese-funded commercial banks.