ICBC, the world's largest bank by market value, requested permission to open a subsidiary in Peru, said the banking regulator on Friday.
The Industrial and Commercial Bank of China, or ICBC, is optimistic about the Peruvian economy and the soundness of its financial system, said the Superintendency of Banks in a statement.
The ICBC is driving a further global expansion strategy with the opening of subsidiaries in countries like France, Holland, Italy and Spain.
The subsidiary in Peru, a country whose economy is growing at rates close to those of China, would focus primarily on corporate finance companies doing business with China, the regulator said.
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