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ICBC Mongolia Representative Office Officially Opened

On September 5, Mongolian local time, Industrial and Commercial Bank of China(ICBC)officially launched its Mongolia Representative Office in Ulan Bator. Mr. Choijilsuren B., Minister of Finance, Mr. Erdembileg O., First Deputy Governor of Bank of Mongolia, Mr. Lkhagvasuren B., Deputy Governor of Bank of Mongolia, Mr. Xing Haiming, Chinese Ambassador to Mongolia, and Mr. Gu Shu, President of ICBC attended the opening ceremony. Prior to the opening, the central bank—Bank of Mongolia had approved ICBC’s request to set up the Mongolia Representative Office.

Mr. Gu Shu, President of ICBC said at the opening ceremony that Mongolia is an important country along the Belt and Road; In May this year, China and Mongolia signed Belt and Road and Development Road cooperation documents, which would bring huge room for the two countries’ cooperation in producing capacity, large projects, and finance, etc. ICBC always attaches great importance to the Mongolian market. With ICBC’s advantage of an internationalized service network and diversified business lines, ICBC Mongolia Representative Office will proactively devote itself to market research and project organization, and strive to become a bridge for China-Mongolia economic and trade exchange.

Mongolia and China are neighbors sharing the longest land boundary. In recent years, the two countries have witnessed rapid development in political mutual trust, economic and trade cooperation and people-to-people exchanges, and the connotation of cooperation has been deepened. China has remained the largest trading partner and major investor of Mongolia for several successive years. In 2014, China and Mongolia established a comprehensive strategic partnership, which is the highest positioning in Mongolia's foreign relations.

In recent years, ICBC has taken the initiative to adapt to customers’ demands for diversified financial services, to closely followed China’s foreign trade and investment progress to refine its overseas business layout, and has seen an obvious enhancement in its capability of providing service globally. Up to now, ICBC has established overseas institutions in 44 countries and regions all over the world, and extended its presence in 20 African countries indirectly through holding shares of the Standard Bank of South Africa. As a result, a financial service platform with a global network has taken shape that covers all international financial centers and regions with close economic and trade ties with China, which features a layered structure, reasonable positioning, diversified channels and efficient operation.