Chinese lender Industrial and Commercial Bank of China (ICBC) has set foot in India with its first branch getting opened in Mumbai yesterday.
The main focus of the bank would be on corporate sales and on operations of Chinese firms in India.
"Mumbai branch will build up partnership with Chinese enterprises in India, support the local telecommunication, transportation, power and other infrastructure construction, extend the financial service to heavy machinery, automobile and other industries," said Yang Kaisheng, vice chairman and president, ICBC.
"Establishment of ICBC's maiden branch in India not only shows the bank's confidence in the prospect of Indian economic development, but also indicates the bank's commitment to building up the commercial bridge between the two countries," he added.
The bank happens to count amongst the world's largest lenders in terms of profit, market capitalisation and customer deposits.