Source: China Daily, page 5

Date: Tuesday, November 07, 95

From: DailyNews@asiainfo.com

BEIJING, Nov. 7, Asiainfo Services, Inc. -- The Industrial and Commercial Bank of China, one of the largest State-owned commercial banks, opened a representative office yesterday in London. This is the bank's first organization in Western Europe and thus it is expected to help further enhance cooperative ties with Western European counterparts. So far, the bank has already set up a fully self-owned bank in Kazakhstan, a branch in Singapore and two offices in Tokyo and Hong Kong. The bank is also preparing to open a branch in New York, according to an earlier report.

The office will provide European clients and agency banks with services covering domestic economic and financial sectors and will raise funds for China's economic construction. The bank is hoping to do this by taking advantage of the London international financial market.