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Industrial and Commercial Bank of China Will Invest in the Philippines
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| Economic and Commercial Section in Cebu
2008-11-7 10:58:00 |
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Margarito B. Teves, the Finance Secretary of in the Philippines, said at a press conference in Malaganye that Industrial and Commercial Bank of China (ICBC) was discussing cooperation projects with GSIS Family Bank (GFB) in the Philippines.
The general manager of Business Unit 2 in ICBC expressed in a letter to GSIS board trustee Reynaldo Palmiery that the ICBC interested to invest in GFB as a third party strategic investor. The ICBC¡¡is applying for a commercial license to operate and engage in expanded foreign currency deposit units, trust and quasi-banking functions, with a plan to open the additional 20 GFB branches.
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