The Industrial and Commercial Bank of China (ICBC), the largest commercial bank in China, opened a branch in the Macao Special Administrative Region (SAR) Thursday.

The branch targets at high-end customers, such as blue-chip companies, institutional organizations and banks, according to Shen Xiaoqi, head of ICBC's branch in Macao.

With the inauguration of the branch, ICBC has opened 71 overseas outlets with an asset of US$53.2 billion in foreign exchange.

"ICBC boasts a strong foothold on the mainland market, which would give it an edge for competing in the Macao market," said Shen.

Macao has registered 22 banks operating over 100 outlets. ICBC's branch has brought the number of banks in Macao to 23.

(Xinhua News Agency May 16, 2003)