The Industrial and Commercial Bank of China is opening its first Houston location on Tuesday.
Chinese companies have invested more than $7 billion in Texas since 2000. The investments were made in a variety of sectors, including energy, agriculture, finance and real estate. There are more than one hundred Chinese enterprises located in Texas, according to a news release.
The Industrial and Commercial Bank of China (USA) NA, ICBC, will provide corporate lending, real estate lending, cash management and credit card financial services. Its aim is to promote trade and investment between China and the U.S.
“This announcement continues a strong legacy of partnership between Houston and China, including significant Chinese investment in our region,” Bob Harvey, president and CEO of the Greater Houston Partnership, said in the news release.
ICBC has institutions in 44 countries and regions, and it indirectly services 20 African countries as a shareholder of Standard Bank Group.
In the U.S., ICBC established its first branch in New York in 2008 and subsequently acquired 100 percent of ICBC Financial Services and 80 percent of ICBC (USA) NA.
Source: chron.com
