China's ICBC gets license for Mumbai branch from India cbank

MUMBAI:Industrial and Commercial Bank of China Ltd (ICBC) said on Monday India's central bank has recently granted it a business license for a branch in Mumbai, helping the bank foray into Asia's third largest economy.

The bank has already received approval from the China Banking Regulatory Commission for setting up its Mumbai branch .

ICBC plans to increase its global footprint by setting up new branches in countries such as Brazil, India and Pakistan, and generating 10 per cent of its assets and profits from overseas by 2016, its chairman said in April.

Source: EconomicTimes