The Industrial and Commercial Bank of China (ICBC) opened its Mongolia representative office in Ulaanbaatar on Tuesday.

The opening ceremony was attended by Mongolian Finance Minister B.Choijilsuren, China’s Ambassador to Mongolia, H.E. Xing Haiming and the President of ICBC Gu Shu. At the ceremony, Mr Gu said Mongolia is an important country on the Belt and Road Initiative.

He noted that China and Mongolia signed cooperation agreements under this initiative in May, which will bring huge opportunities for the two countries’ cooperation in industrial capacity and finance.

Mr Gu also said that ICBC always attaches great importance to the Mongolian market, adding that with the bank’s internationalised service network and diversified business lines, its Mongolia office will proactively devote itself to market research and project organisation, and strive to become a bridge for China-Mongolia economic and trade exchange.

Over the past years, ICBC has taken the initiative to adapt to consumer demands for diversified financial services, closely followed China’s foreign trade and investment moves to refine its overseas business layout, and has been an obvious enhancement in its capability to provide service globally.

Currently, the bank has established overseas institutions in 44 countries and regions worldwide, and extended its presence in 20 African countries indirectly through holding shares of the Standard Bank of South Africa. (Xinhua)